General Motors Corp. on Tuesday posted fourth-quarter earnings that were essentially flat compared with the same period a year ago, with high health-care and pension costs offsetting another strong showing from the company's credit business.
GM reported earnings of $1.01 billion, or $2.13 a share, compared with $1.02 billion, or $1.71, a year ago. Per-share earnings rose because GM has fewer shares circulating following last year's sale of its stake in El Segundo-based Hughes Electronics Corp. to News Corp.
Revenue for the quarter increased 7.7% to $49.1 billion.
The quarter's results were affected by several one-time factors, including a gain from the Hughes sale and the cost of implementing a new labor contract with the United Auto Workers union. Adjusting for those factors, GM earned $838 million, or $1.47 a share, down from an adjusted figure of $934 million, or $1.67, a year ago.
That profit, which beat many analysts' expectations, was driven largely by GMAC, the company's credit arm. GMAC posted record earnings of $630 million for the quarter, up from $524 million last year.