GM reports $3.8 in net income for 2013

Staff report

General Motors this week reported a full-year 2013 net income of $3.8 billion, down from $4.9 billion the previous year.

Revenue was up 2 percent to $155.4 billion, compared with $152.3 billion the previous year, but the company said special items and incremental tax expense impacted the year-end results.

The special items, which included charges for strategic decisions to improve GM’s competitiveness in key global markets, took a toll of $1.3 billion, compared with $500 million last year.

Incremental tax expense also cost the company $1.7 billion.

2013 marked the fourth- consecutive year of profits, and GM CEO Mary Barra said that the automaker was positioned well for the future.

“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” she said in a statement. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.”

Fourth-quarter revenue was up 3 percent to $40.5 billion, compared with the same period a year ago. The fourth-quarter net income attributable to stockholders was $0.9 billion, unchanged from last year. Special items produced a net loss of $0.2 billion.