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.
Monday, June 17 2013 9:27 PM EDT2013-06-18 01:27:07 GMT
The jury in the manslaughter trial of Detroit officer Joseph Weekley did not reach a verdict on Monday. The jury has now deliberated for two full days.
The jury in the manslaughter trial of Detroit officer Joseph Weekley did not reach a verdict on Monday. The jury has now deliberated for two full days.
Monday, June 17 2013 11:31 PM EDT2013-06-18 03:31:06 GMT
Detroit Emergency Manager Kevyn Orr is working on improving city services, including the streetlights. More than 40 percent of them do not work, but the Detroit Public Lighting Authority is now beginning its work.
As Kevyn Orr tries to solve Detroit's financial crisis, he is also working on improving city services, including the streetlights. More than 40 percent of them do not work, but the Detroit Public Lighting Authority is now beginning its work.
Monday, June 17 2013 10:43 PM EDT2013-06-18 02:43:12 GMT
He is a Detroit lawmaker serving his second term in the state House, but he may be spending a little too much time at his own house. M.L. Elrick puts state Rep. John Olumba's attendance record under the microscope.
He is a Detroit lawmaker serving his second term in the state House, but he may be spending a little too much time at his own house. M.L. Elrick puts state Rep. John Olumba's attendance record under the microscope.
Monday, June 17 2013 10:36 PM EDT2013-06-18 02:36:35 GMT
The FBI and local police have teamed up hoping to solve a 38-year-old murder mystery. They are searching an Oakland Township field looking for Jimmy Hoffa.
The FBI and local police have teamed up hoping to solve a 38-year-old murder mystery. They are searching an Oakland Township field looking for Jimmy Hoffa.
Monday, June 17 2013 6:45 PM EDT2013-06-17 22:45:07 GMT
In a surprising move, Tucker Cipriano pled no contest to murder in the beating death of his father. Cipriano made the plea just days before members of his own family were set to testify against him.
In a surprising move, Tucker Cipriano pled no contest to murder in the beating death of his father. Cipriano made the plea just days before members of his own family were set to testify against him.
Monday, June 17 2013 5:55 PM EDT2013-06-17 21:55:56 GMT
A new search for the remains of Jimmy Hoffa is underway in northern Oakland County. Armed with a search warrant, the FBI moved in Monday morning and started digging in Oakland Township.
A new search for the remains of Jimmy Hoffa is underway in northern Oakland County. Armed with a search warrant, the FBI moved in Monday morning and started digging in Oakland Township.
Monday, June 17 2013 4:56 PM EDT2013-06-17 20:56:42 GMT
General Motors is recalling more than 193,652 SUVs from the 2006 and 2007 model years because a circuit board in the driver's door could short and cause a fire.
General Motors is recalling more than 193,652 SUVs from the 2006 and 2007 model years because a circuit board in the driver's door could short and cause a fire.
