GM records its highest profit ever: $7.6 billion
DETROIT — General Motors earned its highest profit ever last year.
The 103-year-old company made $7.6 billion in 2011, up 62 percent from 2010.
Full-year revenue rose 11 percent to $105 billion.
North America led the way with a $7.2 billion pretax profit. But problems surfaced that could hurt future earnings. GM lost $700 million before taxes in Europe, and lost $100 million in South America.
GM'S fourth-quarter profit was flat with 2010. GM earned $500 million, or 28 cents per share. Revenue rose 3 percent to $38 billion. Before one-time items, GM earned 40 cents per share
Analysts expected earnings of 42 cents on revenue of $37.9 billion.
The company says union workers will get $7,000 profit-sharing checks.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.