{"id":280663,"date":"2011-02-24T13:25:22","date_gmt":"2011-02-24T13:25:22","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/24\/general-motors-first-profit-since-2004\/"},"modified":"2011-02-24T13:25:22","modified_gmt":"2011-02-24T13:25:22","slug":"general-motors-first-profit-since-2004","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/24\/general-motors-first-profit-since-2004\/","title":{"rendered":"General Motors: First profit since 2004"},"content":{"rendered":"<p><div readability=\"85.0284962736\"><span id=\"fb-recommend\"\/><br \/>\n<span>By Chris Isidore, senior writer<\/span><span>February 24, 2011: 8:09 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; General Motors on Thursday reported its first annual profit since 2004, capping an impressive turnaround by the once-troubled automaker.<\/p>\n<p>The profit stemmed from a rebound in U.S. sales, strong growth China &#8212; now GM&#8217;s largest market &#8212; and a much lower cost structure after a 2009 trip through bankruptcy. <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>GM&#8217;s bankruptcy, financed by the U.S. and Canadian governments, allowed the company to shed debt, excess factories, four of its weaker brands and many other costs.<\/p>\n<p>The nation&#8217;s largest automaker, GM earned $4.7 billion for the year. That ends a string of five years of losses during which the cumulative red ink topped $100 billion. The profit was the biggest at the company since 1999.<\/p>\n<p>In the fourth quarter, the company earned $510 million, or 31 cents a share, compared to a loss of $3.5 billion a year earlier. But excluding a charge related to the purchase of preferred shares, the company earned 52 cents a share in the quarter, which is better than forecasts of a 46 cent a share profit from analysts surveyed by Thomson Reuters.<\/p>\n<p>The profit is good news for the nearly 50,000 hourly workers at GM&#8217;s U.S. factories who will get profit-sharing bonuses averaging $4,300, the largest in the company&#8217;s history and a bit better than had been promised to them in a letter last week. <\/p>\n<p>Workers at rival Ford Motor (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=F&#038;source=story_quote_link\">F<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/160.html?source=story_f500_link\">Fortune 500<\/a>) received bonus checks of about $5,000, and Chrysler Group expects to pay yet undisclosed performance bonuses to its workers, despite continued losses there.<\/p>\n<p>Shares of GM (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=GM&#038;source=story_quote_link\">GM<\/a>) gained slightly in pre-market trading following the report. Shares have tumbled 5% in the last two days on the spike in oil prices sparked by unrest in Libya.<\/p>\n<p>Shares are still up 5% from its initial public offering last November. The IPO, the most lucrative in U.S. history, returned $13.5 billion to U.S. taxpayers. <\/p>\n<p>Still, shares will need to climb more than 50% more for taxpayers to recoup the full cost of the bailout on the remaining 500 million shares of the company held by Treasury.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/news\/companies\/gm_earnings\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: February 24, 2011: 8:01 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" \/><\/p>\n<p>Read the original post:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/Q9zudQVk8S8\/index.htm\" title=\"General Motors: First profit since 2004\" rel=\"noopener noreferrer\">General Motors: First profit since 2004<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Chris Isidore, senior writer February 24, 2011: 8:09 AM ET NEW YORK (CNNMoney) &#8212; General Motors on Thursday reported its first annual profit since 2004, capping an impressive turnaround by the once-troubled automaker. The profit stemmed from a rebound in U.S<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-280663","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>General Motors: First profit since 2004 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/24\/general-motors-first-profit-since-2004\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"General Motors: First profit since 2004 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Chris Isidore, senior writer February 24, 2011: 8:09 AM ET NEW YORK (CNNMoney) -- General Motors on Thursday reported its first annual profit since 2004, capping an impressive turnaround by the once-troubled automaker. 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