GM Earnings Surge in Fourth Quarter

General Motors Co. net profit soared to $892 million in the final three months of 2012 from $472 million a year earlier as big gains in China overcame sharp losses in Europe.

GM revenue grew 3% year over year to $39.2 billion in the latest quarter. Worldwide vehicle deliveries rose 4% to 2.33 million units.

In the October-December period, operating income slid 7% from a year earlier to $1.4 billion in North America but jumped 27% to $473 million at GM's international unit, which includes Asia Pacific and Africa.

For the full year, GM's net income fell to $4.9 billion from $7.6 billion in 2011. Last year marked the company's third straight year of profitability since its bankruptcy in 2009.

GM revenue edged up 1% year over year to $152.3 billion in 2012. Sales advanced 3% to 9.29 million vehicles.

In 2012 the company's North American unit boosted revenue to $94.6 billion from $90.2 billion the previous year. Sales volume increased 3% to 3.02 vehicles. Operating earnings in the region contracted 3% year over year to $7 billion as higher vehicle launch costs offset an improved in product mix.

Revenue from GM's international unit climbed 12% from 2011 to $27.7 billion, and operating earnings jumped 15% to $2.2 billion. Sales advanced 10% to 3.62 million vehicles, buoyed by an 11% gain to 2.84 million units in China.

European revenue dropped 18% to $26.8 billion, and deliveries shrank 8% to 1.61 million vehicles. The unit's operating loss deepened to $1.8 billion, including a $6.4 billion writedown of assets, from a $747 million loss in 2011.

The company's South American revenue was flat at $17 billion. Volume slipped 2% to 1.05 million vehicles. The unit swung to a $271 million operating profit from a $122 million loss in 2011.

For 2013, GM confirms its earlier forecast of a modest profit increase, as strong sales in China and the U.S. are partially offset by the cost of launching 25 new or revamped models worldwide.