facebook
twitter
search
search

GM posts $4.7B profit for 2010

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

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
E-2D aerial refueling capability passes CDR
Shell to tap new Gulf of Mexico oil
Canada awards license for LNG exports to Asia
Lockheed Martin spotlights new tracking pod system