General Motors posts $898 million net profit

The logo of General Motors, seen in Detroit, Mich. AP Photo/Paul Sancya

DETROIT General Motors (GM) 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.

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Market News

Stock Watchlist