(February 5, 2015) DETROIT — General Motors said its fourth-quarter pretax profit rose 27 percent to $2.41 billion, its best fourth-quarter result since the 2009 bankruptcy, thanks to stronger pricing across its major markets and growing pickup and SUV sales in North America.

The pretax number, which the company believes best reflects its underlying performance, excluded about $900 million in special charges, mostly related to the redemption of outstanding preferred shares. Including those charges, fourth-quarter net income rose 21 percent to $1.11 billion.

"A strong fourth quarter helped us deliver very good core operating results in 2014 despite significant challenges we and the industry faced," GM CEO Mary Barra said in a statement.

Revenue increased to $155.9 billion, compared with $155.4 billion in 2013.

Full-year EBIT (earnings before interest and tax) adjusted was $6.5 billion, compared with $8.6 billion in 2013.  Full-year EBIT-adjusted for 2014 includes the impact of $2.8 billion for recall-related costs and restructuring charges of $1.0 billion.

Based on GM’s continued strong results, and consistent with its stated strategy of a strong and growing dividend, the company intends to increase the second quarter dividend on its common stock by 20 percent to 36 cents per share. The decision on the expected dividend increase will be made by the GM Board of Directors as part of the regularly scheduled second quarter dividend declaration procedure.

“Our intention to increase the dividend is consistent with our balanced capital allocation strategy and reflects the confidence we have in the growing strength of our business,” said Barra.  “Our goal is to maximize long-term shareholder value through both stock price appreciation and return of capital.”

Sources: General Motors, Automotive News