General Motors Earnings Pressure Has Nothing To Do With North America Automotive (GMNA), Which Had a Solid Return on Assets of 11.0% in the Most Recent Four Years, But Rather With General Motors International, Which Had a Negative Return on Assets of (0.1)% in the Most Recent Four Years

From Segment Footnotes in General Motors Annual 10-K filings with the US SEC, the North America Automotive segment of General Motors (GMNA) generated the Gold-Standard US GAAP Income Before Interest and Income Taxes of $44.883 Bil in the Four Years 2015-18 Combined, which resulted in a Return on Total Assets of a solid 11.0%.

On the other hand, the General Motors International segment generated the Gold-Standard US GAAP Total Loss Before Interest and Income Taxes of $58 Mil in the Four Years 2015-18 Combined, which resulted in a Return on Assets of a negative (0.1)%.

	General Motors North America (GMNA)
					GMNA
					US GAAP
	GMNA Income Before		GMNA		Return on
	Interest, Income Taxes	GMNA	US GAAP Income Before	GMNA	Total
Year	and Unusual Adjustments	Unusual Adjustments	Interest and Income Taxes	Total Assets	Assets
	mils of $s	mils of $s	mils of $s	mils of $s
2018	10,769	(1,236)	9,533	109,763	8.7%
2017	11,889	-	11,889	99,874	11.9%
2016	12,388	-	12,388	103,908	11.9%
2015	11,026	47	11,073	92,651	12.0%
4 Years 2015-18	46,072	(1,189)	44,883	406,196	11.0%
	GM International (GMI)
					GMI
					US GAAP
	GMI Income (Loss) Before		GMI		Return on
	Interest, Income Taxes	GMI	US GAAP Income (Loss) Before	GMI	Total
Year	and Unusual Adjustments	Unusual Adjustments	Interest and Income Taxes	Total Assets	Assets
	mils of $s	mils of $s	mils of $s	mils of $s
2018	423	(1,212)	(789)	24,911	-3.2%
2017	1,300	(540)	760	27,712	2.7%
2016	767	-	767	27,273	2.8%
2015	665	(1,461)	(796)	27,351	-2.9%
4 Years 2015-18	3,155	(3,213)	(58)	107,247	-0.1%