facebook
twitter
rss
account
search
search
 

GM posts $4.7B profit for 2010

Feb. 24, 2011 at 2:43 PM   |   Comments

| License Photo
DETROIT, Feb. 24 (UPI) -- Recently floundering U.S. automaker General Motors said Thursday its first full year post-bankruptcy was a profitable one, with earnings of $4.7 billion.

The company that accepted billions of dollars in government assistance to get through the recession and barely survived the slump that preceded it said it took in $135.6 billion in revenue for the calendar year 2010.

"Last year was one of foundation building. Particularly pleasing was that we demonstrated GM's ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters," Chairman and Chief Executive Officer Dan Akerson said in a statement.

GM announced it would pay hourly workers a bonus of $4,300 with General Motors Component Holdings employees allotted $3,200 in bonus pay.

For the year, GM said it earned $2.89 per share. In the fourth quarter, the company earned $510 million or 31 cents a share.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
3
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
4
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
5
More U.S. funding targets solar energy research More U.S. funding targets solar energy research
Trending News
Around the Web
x
Feedback