General Motors Co. (NYSE: GM) reported fourth-quarter and full-year 2013 results before markets opened Thursday morning. For the quarter, the automaker posted diluted earnings per share (EPS) of $0.57 on revenues of $40.5 billion. In the same period a year ago, the company reported EPS of $0.54 on revenues of $39.3 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.88 and $41.08 billion in revenues.

Excluding one-time items, GM’s adjusted EPS in the quarter was $0.67, still a long way from the consensus estimate. The company took a $700 million charge related to the withdrawal of the Chevrolet brand from Europe and a $500 million charge related to the closing of manufacturing operations in Australia. All but $200 million of that was offset by the sale of GM’s investment in
Ally Financial and other items. For the full year GM’s special items totaled $1.3 billion.

For the full year GM posted EPS of $2.38, not including adjustments totaling $0.80 that would bring the adjusted total to $3.18 on revenues of $155.4 billion. Consensus estimates called for EPS of $3.37 on revenues of $155.81 billion.

North American fourth quarter pretax earnings rose from $1.2 billion a year ago to $1.9 billion this year. GM trimmed its losses in Europe, from $800 million a year ago to $300 million this year. International pretax earnings were down, from $700 million a year ago to $200 million.

For the fiscal year, GM’s international pretax profits are down more than 50%, from $2.5 billion a year ago to $1.2 billion in 2013. International sales were down 11.7% for the year, not a good sign for the company’s sales in China. In the company’s Asia/Pacific, Middle East and Africa region, market share was flat with 2012 at 9.5% for the year.

The company’s newly appointed CEO said:

Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year. 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.

The earnings announcement did not include guidance, but the consensus estimate for the first quarter calls for EPS of $0.72 on revenues of $38.69 billion. Full-year 2014 EPS is estimated at $4.16 on revenues of $162.91 billion.

GM shares were trading down about 3.2% in premarket activity Thursday, at $34.10 in a 52-week range of $26.19 to $41.85. The consensus target price for the shares was $47.75 before this report.

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