General Motors Co. (NYSE: GM) reported fourth-quarter and full-year 2014 results before markets opened Wednesday. For the quarter, the automaker posted adjusted diluted earnings per share (EPS) of $1.19 on revenues of $39.6 billion. In the same period a year ago, the company reported EPS of $0.67 on revenues of $40.5 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.83 and $40.12 billion in revenues.

On a GAAP basis, GM’s EPS in the quarter totaled $0.66, which excludes $800 million related to the early redemption of all outstanding Series A preferred shares. Exclusions totaled $900 million, or $0.53 per share.

For the full year, GM reported revenues of $155.9 billion and adjusted EPS of $3.05, compared with revenues of $155.4 billion and EPS of $3.18 in 2013. Consensus estimates called for EPS of $2.66 on revenues of $156.82 billion. On a GAAP basis, EPS totaled $1.65. For the year, special items nicked $2.4 billion ($1.40 per share) from net income. Pretax costs of $2.8 billion for recall-related expenses shaved $1.07 per share from earnings.

GM said it intends to raise its quarterly dividend by 20% in the second quarter from $0.30 to $0.36 a share.

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Operating performance improved year-over-year in 2014, but the impact of recall and restructuring costs and a net loss on special items masked that. Net cash flow from car sales improved from $2.8 billion to $3.8 billion in the quarter and adjusted free cash flow from the automotive segment rose from $1.1 billion to $1.8 billion.

The company’s CEO said:

A strong fourth quarter helped us deliver very good core operating results in 2014 despite significant challenges we and the industry faced.

The earnings announcement did not include guidance, but the consensus estimate for the first quarter calls for EPS of $1.01 on revenues of $38.28 billion. Full-year 2015 EPS is estimated at $4.37 on revenues of $161.39 billion.

Worldwide sales rose to 9.925 million units in 2014, up from 9.722 in 2013. North American sales rose by nearly 200,000 units last year and Asia/Pacific, Middle East and Africa sales rose by more than 300,000 units. European sales slipped by about 140,000 and Latin American sales were down by about 160,000 units.

Total U.S. market share fell slightly year-over-year in the quarter from 13.7% to 13.4%, although GM’s share of the truck market rose from 23.1% in the fourth quarter of 2013 to 24.9% in 2014. For the full year, U.S. market share was flat at 17.1% and worldwide share slipped from 11.5% to 11.4%.

GM did not say anything about its $600 million reserve to settle claims related to the ignition-switch problem. But the proposed dividend increase boosted investors’ spirits Wednesday morning. As we noted in our preview Tuesday, the stock’s 3.7% dividend yield is very attractive, and by boosting the payout GM indicates that it wants to take a spot in those defensive portfolios.

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GM’s cash, cash equivalents and marketable securities hoard now totals $29 billion, and if the company’s cash flows keep improving it is not inconceivable that GM will return more cash to investors.

GM’s shares traded up about 5% in premarket activity Wednesday, at $35.64 in a 52-week range of $28.82 to $38.15. The consensus target price for the shares was $40.13 before the report.

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