GM Earns $2 Billion, Projects 2010 Profit
DETROIT (
) -
General Motors
reported net income attributable to stockholders of $2 billion in the third quarter, its third consecutive profitable quarter, and said it will be profitable for the full year.
Per-share earnings were $1.20. Earnings before interest and tax totaled $2.3 billion. The automaker said it expects to report positive EBIT in the fourth quarter, but at a lower run rate than in each of the first three quarters.
Revenue was $34.1 billion.
"As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress," said Chief Financial Officer Chris Liddell, in a prepared statement.
The positive results come as GM prepares for an initial public offering as soon as next week. The company
preannounced third quarter results on Nov. 3.
During the quarter, GM North America had EBIT of $2.1 billion, up from $1.6 billion in the second quarter. But like rival
Ford
(F) - Get Report
, GM
lost money in Europe during the quarter, with a loss before interest and taxes of $600 million vs. a loss of $200 million in the second quarter.
GM's international operations posted EBIT of $600 million, down from $700 million in the second quarter.
-- Written by Ted Reed in Charlotte, N.C.
>To contact the writer of this article, click here:
Ted Reed
