General Motors says its fourth-quarter net profit nearly doubled as it made a dizzying array of accounting moves due to tax credits and devaluing European assets.
The company made $898 million, up from $468 million in 2011.
GM earned 54 cents per share compared with 28 cents a year ago. Revenue grew 3 percent to $39.3 billion.
The fourth-quarter profit included billions in one-time accounting gains and losses that ended up being a $100 million increase. Without it the company earned 48 cents per share. That was short of analyst estimates. They predicted 51 cents.
GM made $1.4 billion pretax in North America but lost $699 million in Europe.
For the full year, GM made $4.9 billion, or $2.92 per share. That was down from $7.6 billion in 2011.
Friday, May 17 2013 11:55 PM EDT2013-05-18 03:55:04 GMT
"We intend to build cars in North America for [the] North American market, build cars in Europe for the European market and build them in Asia for the Asian market," said Don Graunstadt.
"We intend to build cars in North America for [the] North American market, build cars in Europe for the European market and build them in Asia for the Asian market," said the CEO of North American Operations for the electric car company.
Friday, May 17 2013 10:19 PM EDT2013-05-18 02:19:58 GMT
It can creep up on you without you realizing it. One day you step on the scale and you're obese. That's what happened to a St. Clair Shores woman who never though she would lose the weight.
It can creep up on you without you realizing it. One day you step on the scale and you're obese. That's what happened to a St. Clair Shores woman who never though she would lose the weight.
Friday, May 17 2013 8:43 PM EDT2013-05-18 00:43:34 GMT
Sabrina Gianino was found dead with a cord around her neck inside a Grosse Pointe Park home early Thursday morning. The medical examiner has ruled her death a homicide.
Sabrina Gianino was found dead with a cord around her neck inside a Grosse Pointe Park home early Thursday morning. The medical examiner has ruled her death a homicide.
Friday, May 17 2013 7:48 PM EDT2013-05-17 23:48:59 GMT
A Molotov cocktail was thrown through a kitchen window of a waterfront mansion on Whittier Street in Grosse Pointe Park around 3:20 a.m. Friday. Fortunately, someone inside put it out.
A Molotov cocktail was thrown through a kitchen window of a waterfront mansion on Whittier Street in Grosse Pointe Park around 3:20 a.m. Friday. Fortunately, someone inside put it out.
Friday, May 17 2013 6:26 PM EDT2013-05-17 22:26:25 GMT
Nation of Islam leader Louis Farrakhan urged Detroit's pastors and majority black population Friday to join him in an effort to buy neglected properties and take other steps to help revitalize the struggling city.
Nation of Islam leader Louis Farrakhan urged Detroit's pastors and majority black population Friday to join him in an effort to buy neglected properties and take other steps to help revitalize the struggling city where the movement started more than 80 years ago.
