Official: GM reports 2011 profit of $7.6 billion

Filed under: Earnings/Financials

General Motors today reported its earnings for last year and the fourth fiscal quarter of 2011. The automaker's profits for 2011 totaled $7.6 billion, up from $4.7 billion in 2010.

While the news was excellent for the full year, fourth quarter net income was only $472 million, or about the same as Q4 2010. While that makes eight straight quarters of positive numbers since the company emerged from bankruptcy in 2009, the earnings were weighed down by losses of $562 million in Europe from GM's Opel subsidiary.

There were also a number of one-time events that affected earnings in the fourth quarter, without which GM's profit would've nearly doubled to $900 million.

Still, the company counts 2011 as a successful year, and the stats tend to agree. TrueCar.com reports that GM increased its sales by over 13 percent, increased market share by half a point, grew average transaction prices by over $1,100 and lowered incentive spending by five percent. Based on that performance, all 47,500 hourly employees will receive profit sharing checks of up to $7,000. Check out The General's official press release after the jump.

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GM reports 2011 profit of $7.6 billion originally appeared on Autoblog on Thu, 16 Feb 2012 09:35:00 EST. Please see our terms for use of feeds.

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