GM fourth-quarter profit rises 2 per cent; adjusted profit misses Wall Street forecasts

DETROIT – General Motors’ fourth-quarter profit rose 2 per cent from a year ago, but the company fell short of Wall Street expectations.

GM rode record North American earnings to make $913 million, or 57 cents per share. That compares with $892 million, or 54 cents per share, a year ago. Revenue rose 3 per cent to $40.5 billion.

Excluding $200 million in one-time items, GM made 67 cents per share. But analysts polled by FactSet expected 88 cents on revenue of $40.8 billion.

For the full year, GM’s earnings fell 18 per cent, or $2.38 per share. Without one-time items it earned $3.18 per share.

GM also announced that 48,500 U.S. hourly workers will get up to $7,500 in profit-sharing checks.