GM Reports Profit for Quarter, Year

General Motors Co. reported a profit Thursday of $510 million for the fourth quarter and a full-year profit of $4.7 billion for 2010, the first profitable year for the company since 2004.

“Last year was one of foundation building,” Dan Akerson, chairman and chief executive officer, said in a release.

GM had $82 billion in losses from 2005 to 2008, Bloomberg reported. The company entered and exited bankruptcy in 2009.

Sales of the four brands GM kept after its bankruptcy surged 21%, exceeding the 11% gain for the industry, according to Autodata, Bloomberg said.

GM also said profit-sharing checks for 45,000 hourly workers would average $4,300.