BREAKING NEWS: GM announces 2012 profit of $4.9 billion
General Motors announced a 2012 profit of $4.9 billion today, down from $7.6 billion in 2011.
The company had a strong fourth quarter in North America, where it posted a $1.4 billion pretax profit. However those gains were not enough to offset the loss it took in stagnant markets across Europe, as the continent continues to cope with debt-issues and high unemployment, making the sales environment weak there.
GM said its European losses reached $700 million in the fourth quarter of 2012.
The earnings amount to $2.92 per-share, down from $4.58 per share at the end of 2011.
For workers at GM’s Lordstown facility, the profit share will be $6,750 each.