Pop quiz: When was the last time General Motors (NYSE: GM) posted a profit for a full year?If you said 2004, you'd be right.
Thanks in part to the Obama administration guiding the company through a 2009 bankruptcy in which it cut costs and reduced debt, GM posted a $4.7 billion profit for 2010.
Despite the news, GM shares were down nine cents to $34.50 in pre-market trading.
Still, this has to qualify as good news for a company that just a year or two ago was facing a very uncertain future. With an almost entirely revamped product line and with the fresh start of bankruptcy, GM is much better shape now.