General Motors Company (NYSE: GM) posted fourth-quarter sales and profit beat estimates, but shares are still down due to foreign exchange headwinds. GM said net income fell to $1.84 billion in the fourth quarter, compared with $6.27 billion a year earlier. The company said the decline was due to a large tax gain and other one-time items in fourth quarter earnings in 2015.
Excluding one-time factors, adjusted net income was $1.28 per share, beating analysts’ expectations of $1.17 per share. Revenue rose 11 percent to $43.9 billion, also topping analysts’ estimates of $41.5 billion.
“By almost any measure, 2016 was a great year for our business and I am confident we can achieve even stronger results,” GM Chairman and CEO Mary Barra said in a statement. “We’ll work to build on our momentum, while continuing to drive our company to innovate and shape the future of mobility.”
GM shares fell as much as 4.5 percent to $35.13 in the early trading in New York. For 2016, the company earned $12.5 billion on revenue of $166.4 billion. The company forecast adjusted earnings per share for 2017 to be $6.00 to $6.50 a share.