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GM Earnings surge 60% to $7.6 Billion

But Q4 profits flatten as Europe flounders, Chinese sales soften.

by on Feb.16, 2012

GM CEO Dan Akerson: A strong performance during maker's first year after IPO.

Despite continuing losses in Europe and a drop in income from Asia, General Motors Co. reported a 60% increase in income for 2011, reporting it earned $7.6 billion, or $4.58 per share, up from $4.7

billion, or $2.89 share, in 2010.

But the maker saw earnings flatten out during the fourth quarter of the year.

Nonetheless, the strong upsurge for the full year means GM’s nearly 47,500 hourly employees in the U.S. will receive profit sharing check of up to $7,000 on profits generated in North America.

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“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO.“We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world,” Akerson said.