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2011 a record profit year for General Motors
Updated: Thursday, 16 Feb 2012, 8:52 AM EST
Published : Thursday, 16 Feb 2012, 8:38 AM EST
DETROIT (AP) -- 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. GM operates a pickup truck assembly plant in Allen County that employs about 3,000 workers.
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