GM North America (GMNA) had EBIT
in the fourth quarter 2010 of $0.8 billion, up from a loss of
$3.4 billion in the fourth quarter 2009. GM Europe (GME) had a
loss before interest and taxes of $0.6 billion, an improvement
from a loss of $0.8 billion in the same quarter a year ago. GM
International Operations (GMIO) had EBIT of $0.3 billion, down
from $0.4 billion in fourth quarter 2009. GM South America (GMSA)
had EBIT of $0.2 billion for the fourth quarter, compared with
$0.3 billion in the same quarter a year ago. GM began reporting
GMSA results as an operating segment in the fourth quarter, and
has revised the segment reporting for prior periods.
Automotive net cash flow from
operating activities for the fourth quarter was $(1.7) billion,
which reflects a $4.0 billion voluntary cash contribution to the
U.S. pension plans. After deducting $1.1 billion of capital
expenditures, automotive free cash flow was $(2.8) billion.
As a result of GM’s 2010 financial
performance, the company will pay profit sharing to
approximately 45,000 eligible GM U.S. hourly employees, and
approximately 3,000 eligible GM Components Holdings (GMCH)
employees. The average payout per employee will be approximately
$4,300 for GM employees and $3,200 for GMCH employees.
In addition, GM announced today
that after assessing remediation actions that it put in place to
address the company’s material weakness regarding the financial
reporting process, the management team and Audit Committee of
the Board of Directors concluded that the material weakness no
longer exists as of December 31, 2010.
(Feb. 24, 2011)