General Motors today announced its first full-year numbers after emerging from bankruptcy, posting a $4.7 billion profit after a massive bailout by the U.S. and Canadian governments.
Profits for the fourth quarter were a slim percentage of that, however, at just $510 million, due to significant reinvesting in production, marketing and research and development.
“Last year was one of foundation building,” said Dan Akerson, chairman and chief executive officer in a statement. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters.”
For hourly workers who took concessions in order to keep GM afloat, the news means a big bonus in the form of profit sharing that will see GM pay, on average, $4,300 to 45,000 eligible employees.