DETROIT (AP) — General Motors made money in North America and Asia and lost a bundle in Europe as it nearly doubled last year's fourth-quarter profit.
But the numbers were complicated by a dizzying array of accounting gains and losses for tax credits and devaluation of European assets.
The biggest U.S. automaker reported net income of $898 million, or 54 cents per share, compared with $468 million, or 28 cents per share, a year earlier. 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 the gain, the company earned 48 cents per share, falling short of Wall Street's expectations. Analysts polled by FactSet expected earnings of 51 cents.
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