Markets

​North America, China help GM score record annual profit

/ AP

DETROIT - Strong earnings in North America and China and a reversal of fortunes in Europe powered General Motors (GM) to a record net profit of $9.7 billion last year.

The profit more than doubled GM's 2014 earnings and was aided by a $3.9 billion fourth-quarter accounting gain because the company expects to be profitable in Europe this year.

Excluding special items, GM made $5.02 per share for the year, beating Wall Street estimates of $4.82. Profits were fueled by strong SUV and truck sales largely in North America.

Full-year revenue fell just over 2 percent to $152.4 billion, but still beat analyst estimates of $144.9 billion.

Earnings were so strong that most of GM's 49,600 hourly workers will get $11,000 profit-sharing checks on Feb. 26.

First published on February 3, 2016 / 8:13 AM EST

© 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.