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Filed under: GM, Earnings/Financials

General Motors has officially announced earnings for its first full year of business after its emergence from bankruptcy. The automaker brought in $135.6 billion in revenue with a net income of $4.7 billion, which marks GM's first profit since 2004. Additionally, that profit was the largest for The General since 1999. Previously, GM had racked up $100 billion in losses.

Being in the black is good news for the automaker's 50,000 hourly workers who are expected to receive bonuses averaging $4,300 as part of a profit sharing program.

According to CNN Money, the change of pace is thanks largely to three things: strong U.S. sales, a growing auto market in China and a significantly lower cost structure thanks to the automaker's trip through bankruptcy.

GM Shares have inched up on the news, despite the fact that the stock market as a whole has dropped by five percent on blooming oil prices. CNN Money reports that GM shares are up five percent as a whole since the company's IPO last November, but that those shares will need to jump by 50 percent in order for tax payers to recoup the government's investment in the company. Follow the jump for the press release.

[Sources: General Motors, CNN Money]Continue reading General Motors reports earnings of $4.7B in 2010, first yearly profit since 2004

General Motors reports earnings of $4.7B in 2010, first yearly profit since 2004 originally appeared on Autoblog on Thu, 24 Feb 2011 09:45:00 EST. Please see our terms for use of feeds.

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