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.
Wednesday, May 22 2013 9:45 AM EDT2013-05-22 13:45:43 GMT
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Wednesday, May 22 2013 7:38 AM EDT2013-05-22 11:38:56 GMT
A memorial service is this weekend for a newly married Detroit-area youth minister who was killed in a traffic accident as he and his wife were en route to their honeymoon in Myrtle Beach, S.C.
A memorial service is this weekend for a newly married Detroit-area youth minister who was killed in a traffic accident as he and his wife were en route to their honeymoon in Myrtle Beach, S.C.
Wednesday, May 22 2013 2:28 AM EDT2013-05-22 06:28:15 GMT
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
Wednesday, May 22 2013 2:17 AM EDT2013-05-22 06:17:02 GMT
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Wednesday, May 22 2013 12:02 AM EDT2013-05-22 04:02:09 GMT
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Tuesday, May 21 2013 10:59 PM EDT2013-05-22 02:59:19 GMT
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Tuesday, May 21 2013 10:14 PM EDT2013-05-22 02:14:08 GMT
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Tuesday, May 21 2013 8:22 PM EDT2013-05-22 00:22:30 GMT
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
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