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The Associated Press February 24, 2011, 5:50PM ET

Summary Box: GM posts full-year profit

THE RESULTS: General Motors has reported net income of $4.7 billion, or $2.89 per share, for 2010, its first annual profit since 2004. Revenue for the year totaled $135.6 billion. For the fourth quarter, GM reported net income of $510 million, or 31 cents per share on revenue of $36.9 billion. Before charges, the company earned 52 cents, beating Wall Street's expectations of 49 cents per share on revenue of $34.3 billion.

SALES: Profits were fueled by sales in the U.S. and China, the world's largest market for car and trucks.

WHAT'S AHEAD: GM executives see sales continuing to rise, especially in North America. With a good performance this year, the company could even reclaim the title of world's largest automaker from Toyota, and the U.S. government could recover more of the $49.5 billion it gave the company in 2009 to save it from collapse. But GM also faces some bumps in the road: Gas prices are rising, GM is short of new models, and its European operations are still losing money.

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