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GM reports first annual profit since 2004

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General Motors Co. (GM-N) posted fourth-quarter earnings slightly above expectations and its first full-year profit since 2004.

Profit for all of 2010 was $4.7 billion US.

The top U.S. automaker reported fourth-quarter net income of $510 million, or 31 cents per share, down from the pace of earnings in the first three quarters of 2010.

Revenue in the quarter was $36.9 billion.

After adjusting for a loss of 21 cents per share on the purchase of preferred shares that had been held by the U.S. Treasury, adjusted earnings per share were 52 cents.

Analysts polled by Thomson Reuters I/B/E/S on average had forecast adjusted profit of 46 cents per share on revenue of nearly $33 billion.

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