General Motors 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, with the auto giant pulling in $500 million, or 28 cents per share. Revenue rose 3% 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. (Read more General Motors stories.)