earned $255 million, or 60 cents a share, in the fourth quarter, down sharply from a year ago because of higher marketing costs and lower production.
But the company, which has been involved in a cutthroat price war with
, said its share of the U.S. truck market rose 2.2 percentage points to 29.2% for 2001, while total vehicle share increased 0.3 percentage points to 28.1% for the year.
Revenue was $45.95 billion in the latest quarter, up from $45.00 billion last year. The company said the latest quarter included a loss of about $97 million, or 14 cents a share, from the devaluation of the Argentine currency.
Analysts had been predicting GM would earn 59 cents a share in its latest fourth quarter.
The No. 1 automaker said its automobile operations earned $65 million in the fourth quarter, down from $393 million last year.
Excluding its Hughes Electronics unit, GM expects to earn $3 a share in 2002, while including Hughes it expects to earn $2.60 a share. For the first quarter, the company expects to earn $1 a share excluding Hughes and 90 cents a share including it.