General Motors Post 1st Full-Year Profit in Seven Years
General Motors Post 1st Full-Year Profit in Seven
Years
General Motors Co. reported fourth-quarter and full-year 2010 results Thursday, posting a profit for the year for the first time in seven years as car sales picked up across the entire industry. For the three months from October to December, the auto giant posted a profit of $510 million, or 31 cents per share, a vast improvement over 4Q 2009's net loss of $3.5 billion. For the full year, a profit of $4.7 billion was reported.
The carmaker's revenue for the fourth quarter, meanwhile, was $36.9 billion, surpassing Wall Street estimates, while it's full-year revenue came in at $135.6 billion. The results included fourth-quarter charges of $400 million, 21 cents per share, resulting from a previously announced loss of $700 million on the purchase of US Treasury preferred shares. Economists participating in a recent FactSet survey had projected earnings of 49 cents per share on revenue of $34.3 billion.
For the whole of 2010, GM posted earnings of $4.7 billion, or $2.89 per share, missing projections that called for earnings of $5.2 billion. The company is still struggling in its European operations, posting a $568 million 4Q loss for the segment and a full-year setback of $1.8 billion. The Detroit-based carmaker said that 2011 is off to a great start, as well, saying it sold nearly 180,000 cars and trucks across the US in January, an increase of 21.8 percent over January 2010 sales.
General Motors Co. reported fourth-quarter and full-year 2010 results Thursday, posting a profit for the year for the first time in seven years as car sales picked up across the entire industry. For the three months from October to December, the auto giant posted a profit of $510 million, or 31 cents per share, a vast improvement over 4Q 2009's net loss of $3.5 billion. For the full year, a profit of $4.7 billion was reported.
The carmaker's revenue for the fourth quarter, meanwhile, was $36.9 billion, surpassing Wall Street estimates, while it's full-year revenue came in at $135.6 billion. The results included fourth-quarter charges of $400 million, 21 cents per share, resulting from a previously announced loss of $700 million on the purchase of US Treasury preferred shares. Economists participating in a recent FactSet survey had projected earnings of 49 cents per share on revenue of $34.3 billion.
For the whole of 2010, GM posted earnings of $4.7 billion, or $2.89 per share, missing projections that called for earnings of $5.2 billion. The company is still struggling in its European operations, posting a $568 million 4Q loss for the segment and a full-year setback of $1.8 billion. The Detroit-based carmaker said that 2011 is off to a great start, as well, saying it sold nearly 180,000 cars and trucks across the US in January, an increase of 21.8 percent over January 2010 sales.
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