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.
Friday, May 24 2013 11:19 AM EDT2013-05-24 15:19:24 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Friday, May 24 2013 10:15 AM EDT2013-05-24 14:15:15 GMT
More than 150 dogs have been removed from locations owned by a breeding facility in Michigan's northern Lower Peninsula, where officials said the animals were living in outdoor enclosures with little protection.
More than 150 dogs have been removed from locations owned by a breeding facility in Michigan's northern Lower Peninsula, where officials said the animals were living in outdoor enclosures with little protection.
Friday, May 24 2013 8:27 AM EDT2013-05-24 12:27:33 GMT
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
Friday, May 24 2013 7:19 AM EDT2013-05-24 11:19:36 GMT
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Friday, May 24 2013 6:47 AM EDT2013-05-24 10:47:05 GMT
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Thursday, May 23 2013 9:21 PM EDT2013-05-24 01:21:55 GMT
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
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