GM earns $4.7 billion in 2010

Illustration for article titled GM earns $4.7 billion in 2010

General Motors says it made $510 million in the fourth quarter and $4.7 billion last year in net income on revenues of $135.6 billion. It's the first time an automaker named General Motors has posted a gain since 2004.

Looks like President Obama's ex-car czar Steve "Chooch" Rattner was right about at least one thing — the new GM seems absolutely set up to "mint" money.

The just-out-of-bankruptcy automaker's adjusted earnings before interest and tax (EBIT) was $7.0 billion for the calendar year. Automotive cash flow from operations was $6.6 billion with automotive free cash flow at $2.4 billion thanks to a $4.0 billion voluntary cash contribution to the automaker's U.S. pension plans.


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Photo Credit: Getty Images News

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He's showing us how much of a shit I give about this because I think GM should have been allowed to go to liquidation. Waving this profit in front of the taxpayers is basically a big "Eff You" to us because they probably still haven't paid back the money (despite their claims) and now they're dancing around saying "Alright, we made some money because we dropped a whole bunch of liabilities on the taxpayer!" Seems like they're taking their cues from Big Banks.