NEW YORK: Strong earnings in North America and China and a reversal of fortunes in Europe powered General Motors to a record net profit of US$9.7 billion last year.
The profit more than doubled GM’s 2014 earnings and was aided by a US$3.9 billion fourth-quarter accounting gain because the company expects to be profitable in Europe this year.
Excluding special items, GM made US$5.02 per share for the year, beating Wall Street estimates of US$4.82. Profits were fueled by strong SUV and truck sales in North America.
Full-year revenue fell just over 2 percent to US$152.4 billion, but still beat analyst estimates of US$144.9 billion.
Most of GM’s 49,600 hourly workers will get US$11,000 profit-sharing checks on February 26.
