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GM posts record profit

General Motors (GM) earned its highest profit ever last year. The 103-year-old company made $7.6 billion in 2011, up 62% from 2010.

autos Updated: Feb 16, 2012 21:06 IST

General Motors (GM) earned its highest profit ever last year. The 103-year-old company made $7.6 billion in 2011, up 62% from 2010.

Full-year revenue rose 11% 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% to $38 billion. Before one-time items, GM earned 40 cents per share

It said union workers will get $7,000 profit-sharing checks.