General Motor's announces the final set of figures for Q4 and year, with growth in profits EPS and dividends.

• Full-year 2015 EPS of $5.91; EPS-adjusted of $5.02, up 65 percent from 2014
• Fourth quarter EPS of $3.92; EPS-adjusted of $1.39, up 17 percent from 2014
• Fourth quarter net income of $6.3 billion; record EBIT-adjusted of $2.8 billion
• Returned $5.7 billion to shareholders in 2015

General Motors Co. (NYSE: GM) today announced record 2015 calendar-year net income attributable to common stockholders of $9.7 billion, or $5.91 per diluted share, up from $2.8 billion, or $1.65 per diluted share in 2014. Earnings per share (EPS) adjusted for special items was $5.02, up 65 percent compared to $3.05 in 2014.

Full-year earnings before interest and tax (EBIT) adjusted rose to a record $10.8 billion, up from $6.5 billion in 2014. EBIT adjusted margin for the year also increased, to a record 7.1 percent, compared to 4.2 percent in 2014.

“It was a strong year on many fronts, capped with record sales and earnings, and a substantial return of capital to our shareholders,” said Chairman and CEO Mary Barra.  “We continue to strengthen our core business, which is laying the foundation for the company to lead in the transformation of personal mobility. We believe the opportunities this will create in connectivity, autonomous, car-sharing and electrification will set the stage for driving value for our owners for years to come.”

Special items during the calendar year impacted full-year net income to common stockholders favorably, $1.5 billion, or $0.89 per share, compared to an unfavorable $(2.4) billion impact in 2014, or $(1.40) per share. Among these special items were a net gain from the reversal of certain valuation allowances on deferred tax assets, and charges for litigation matters related to the ignition switch recall and a Venezuelan bolivar currency devaluation.

Total net revenue for the year was $152.4 billion, compared to $155.9 billion in 2014. The change in net revenue is due primarily to a negative net foreign currency exchange impact of $9.3 billion. Holding exchange rates constant, net revenue in 2015 was $5.8 billion higher than 2014.

Based on its strong operating performance in 2015 and consistent with the outlook provided in January, the company reaffirms its expectation that its EPS-adjusted will be between $5.25 and $5.75 in 2016.

Fourth Quarter Results

GM’s fourth quarter 2015 net income attributable to common stockholders was $6.3 billion, or $3.92 per diluted share, up from $1.1 billion, or $0.66 per diluted share during the fourth quarter of 2014. Earnings per share adjusted for special items during the fourth quarter was $1.39, up 17 percent compared to $1.19 per share for the fourth quarter of 2014.

EBIT-adjusted was a record $2.8 billion and EBIT-adjusted margin was 7.0 percent in the fourth quarter of 2015, compared to EBIT-adjusted of $2.4 billion and EBIT-adjusted margin of 6.1 percent in the fourth quarter of 2014.

“The fourth quarter closed another very strong year of operating performance,” said Chuck Stevens, executive vice president and CFO. “We plan to improve our results in 2016, driven by a significant vehicle launch cadence, continued emphasis on growing our adjacent businesses and an unrelenting focus on driving efficiencies into our core operations.”

Special items during the fourth quarter of 2015 impacted net income to common stockholders favorably, $4.0 billion, or $2.53 per share, compared to an unfavorable $(0.9) billion impact in 2014, or $(0.53) per share. These special items included a $3.9 billion net non-cash benefit related to the release of the company’s valuation allowances on certain GM Europe deferred tax assets.

Total net revenue in the fourth quarter of 2015 was $39.6 billion, approximately equal to the fourth quarter of 2014.  Holding exchange rates constant, net revenue during the fourth quarter was $2.4 billion higher than the fourth quarter of 2014.

Overview (in billions except for per share amounts)

		Q4 2015	Q4 2014	CY 2015	CY 2014
Revenue		$39.6	$39.6	$152.4	$155.9
Net income attributable to common stockholders		$6.3	$1.1	$9.7	$2.8
Earnings per share (EPS) diluted		$3.92	$0.66	$5.91	$1.65
Impact of special items on EPS diluted		$2.53	$(0.53)	$0.89	$(1.40)
EPS diluted – adjusted		$1.39	$1.19	$5.02	$3.05
EBIT-adjusted		$2.8	$2.4	$10.8	$6.5
% EBIT-adjusted margin		7.0	6.1	7.1	4.2
Automotive net cash flow from operating activities		$2.2	$3.8	$10.0	$10.1
Adjusted automotive free cash flow		$(0.3)	$1.8	$2.2	$3.1
% Return on Invested Capital (ROIC)		27.2	15.4	27.2	15.4

Segment Results

• GM North America (GMNA) reported EBIT-adjusted of $2.8 billion in the fourth quarter of 2015 compared to $2.2 billion in 2014.  Full-year EBIT-adjusted of $11.0 billion and EBIT-adjusted margin of 10.3 percent were both records, and compared to EBIT-adjusted of $6.6 billion and EBIT-adjusted margin of 6.5 percent in 2014. Based on GMNA’s 2015 financial performance, the company will pay profit sharing of up to $11,000 to approximately 49,600 eligible GM U.S. hourly employees. 
• GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2015, compared to $(0.4) billion in 2014.  Full-year EBIT-adjusted was $(0.8) billion in 2015, compared to $(1.4) billion in 2014.
• GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion in the fourth quarter of 2015 compared to $0.4 billion in 2014.  Full-year EBIT-adjusted was $1.4 billion in 2015 compared to $1.2 billion in 2014. Results included China equity income of $0.6 billion in the fourth quarter and
  $2.1 billion for the full year.
• GM South America (GMSA) reported approximately break-even results in the fourth quarter of 2015, compared to EBIT-adjusted of $0.1 billion in 2014.  Full-year EBIT-adjusted was $(0.6) billion in 2015 compared to EBIT-adjusted of $(0.2) billion in 2014.
• GM Financial reported earnings before taxes (EBT) of $0.2 billion in the fourth quarter of 2015, compared to $0.1 billion in 2014. Full-year EBT was $0.8 billion, compared to $0.8 billion in 2014.

Cash Flow and Liquidity

For the fourth quarter of 2015, automotive cash flow from operating activities was $2.2 billion, compared to $3.8 billion in 2014. In the fourth quarter of 2015, adjusted automotive free cash flow was $(0.3) billion, compared to $1.8 billion in 2014. For the year, adjusted automotive free cash flow was $2.2 billion, compared to $3.1 billion a year ago.

GM ended 2015 with total automotive liquidity of $32.5 billion compared to $37.2 billion at year-end in 2014.  Automotive cash and marketable securities was $20.3 billion at the end of 2015, compared to $25.2 billion a year earlier.

In 2015 GM returned approximately $5.7 billion to shareholders, including $2.2 billion in common stock dividends and $3.5 billion through the GM common stock repurchase program.