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February 24, 2011updated 08 Apr 2021 8:16am

US: GM posts sparkling $4.7bn profit for 2010

General Motors has posted 2010 calendar year net income of US$4.7bn of net income for its first full year of operations with revenue of US$135.6bn

General Motors has posted 2010 calendar year net income of US$4.7bn for its first full year of operations with revenue of US$135.6bn.

“Last year was one of foundation building,” said chairman and CEO Dan Akerson. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the US industry cycle, with four consecutive profitable quarters.” 

GM said it would pay profit sharing to around 45,000 eligible GM US hourly employees and around 3,000 eligible GM Components Holdings (GMCH) employees.

Average payout per employee will be around US$4,300 for GM employees and US$3,200 for GMCH employees. 

 “Our focus for 2011 is to build on our progress and continue to generate momentum in the marketplace,” said GM vice chairman and CFO Chris Liddell.

“We expect our first quarter will be a strong start.”

Fourth quarter earnings came in at US$500m.

For the full press release, please click here.

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