Bloomberg: General Motors Co., the largest U.S. automaker, reported fourth-quarter net income of $510 million, completing its most profitable year since 1999 as vehicle sales increased in North America.
Net income was 31 cents a share, Detroit-based GM said today in a statement. Excluding a charge related to a purchase of preferred shares from the U.S. Treasury Department, profit was 52 cents a share. The average estimate of 13 analysts surveyed by Bloomberg was for profit of 44 cents. Sales rose to $36.9 billion, topping the $34.6 billion average estimate. Chief Executive Officer Dan Akerson is hastening the development and introduction of new models as GM revamps a lineup that is older than that of rivals such as Ford Motor Co. GM added U.S. market share in the quarter, helping it earn $5.75 billion in 2010 before interest and taxes in North America.
Submitted by Doug Short
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