General Motors posts $898M net profit in 4Q

But the numbers were complicated by a dizzying array of accounting gains and losses for tax credits and devaluation of European assets.

The biggest U.S. automaker reported net income of $898 million, or 54 cents per share, compared with $468 million, or 28 cents per share, a year earlier. Revenue grew 3 percent to $39.3 billion.

The fourth-quarter profit included billions in one-time accounting gains and losses that ended up being a $100 million increase. Without the gain, the company earned 48 cents per share, falling short of Wall Street's expectations. Analysts polled by FactSet expected earnings of 51 cents.

Its shares slipped 7 cents to $28.60 in premarket trading.

During the quarter, GM continued its recent pattern of making money in the U.S. and Asia but posting big losses in Europe as the economy there continues to cut into auto sales. GM made $1.4 billion pretax in North America, which was down $102 million from last year. But losses widened in Europe, as the company has predicted, to $699 million. GM's International Operations, which include China and the rest of Asia, earned $473 million. The company made $99 million in South America and $146 million on its financial unit.

For the full year, GM earned $4.9 billion, or $2.92 per share. That was down from $7.6 billion, or $4.58 per share, in 2011. The difference was largely due to one-time items.

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