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Edward Jones

North America, China power GM to record $9.7b annual profit

If you're an automaker, especially one from Detroit, conditions probably aren't going to be better for you to make a lot of cash.

For General Motors, that's what happened last year as the company posted a record $9.7 billion net profit.

Yes, a good chunk of that was a $3.9 billion one-time accounting gain due to better prospects in Europe, but the company still made billions on booming sales of its strong lineup of SUVs and trucks, mainly in North America.

Earnings were so strong that most of GM's 49,600 hourly workers will get $11,000 profit-sharing checks on Feb. 26. The checks were based on North American pretax earnings, which hit a record of just over $11 billion...

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