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.
Thursday, May 23 2013 8:39 PM EDT2013-05-24 00:39:46 GMT
Army Specialist Jenna Beno bravely fought for our country. Sadly, she died after an attack in Iraq. Thursday, the young soldier was honored during an emotional ceremony in Clarkston.
Army Specialist Jenna Beno bravely fought for our country. Sadly, she died after an attack in Iraq. Thursday, the young soldier was honored during an emotional ceremony in Clarkston.
Thursday, May 23 2013 9:21 PM EDT2013-05-24 01:21:55 GMT
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
Thursday, May 23 2013 8:53 PM EDT2013-05-24 00:53:47 GMT
Anna Bailey was walking back from the gas station Thursday morning when she found 16-year-old Emonte Davis lying in the middle of the sidewalk on Sharon Street. He had been shot in the chest, and she tried to help.
Anna Bailey was walking back from the gas station Thursday morning when she found 16-year-old Emonte Davis lying in the middle of the sidewalk on Sharon Street. He had been shot in the chest, and she tried to help.
Thursday, May 23 2013 7:38 PM EDT2013-05-23 23:38:56 GMT
Kwame Kilpatrick, now a convicted felon, officially fired his longtime attorney Jim Thomas on Thursday. It's a move that will delay the former mayor's sentencing.
Kwame Kilpatrick, now a convicted felon, officially fired his longtime attorney Jim Thomas on Thursday. It's a move that will delay the former mayor's sentencing.
