Breaking: GM Posts $4.7 Billion Profit in FY2010; First Since 2004

Automobile Staff
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Although analysts predicted General Motors would post a $5.0 billion year-end profit in 2010, the automaker announced today its FY2010 net income amounted to $4.7 billion. Still, this is the company's first full-year profit since 2004, when the company raked in $3.6 billion in net income following a drastic fourth-quarter drop.

GM reports its fourth quarter net income at $500 million, and like Ford, the company spent heavily on new product development during the period, which hit its profit margins. Unlike Ford, GM is essentially a new company, after a $23 billion initial public offering last year. The U.S. Treasury still owns about one third of GM, the world’s second-largest automaker.

Earnings were $2.89 per share for the year, with 31-cents per share in the fourth quarter. GM preferred took a 14-cent loss for the year with a 21-cents per preferred share loss for the quarter.

Revenues totaled $36.9 billion for the fourth quarter, contributing to total revenue of $135.6 billion for the fiscal year. GM says its earnings before income tax (EBIT) was $1.0 billion for the quarter, $7.0 billion for the year.

Expect more information to emerge following a conference call with investors and media, which is scheduled for 9 a.m. Eastern today.

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