GMWith just days to go before its anticipated initial public offering of stock, General Motors reported Wednesday that it earned $2 billion in the third quarter, its most profitable this year.

The latest snapshot of the company's financial health marks the third consecutive quarter the Detroit automaker has been profitable this year. Further, GM said it expects to turn a profit for the full year 2010 -- its first since 2004.

"We've arrived here because we continue to deliver on our major business objectives," said CEO Daniel Akerson, during a conference call following release of the earnings. "We've increased our global market share relative to the first quarter and on a year-to-date basis, we have sold more vehicles in the U.S. with four brands than we did last year with eight brands."

A Global Company

The bulk of the company's earnings of $2.3 billion before interest and taxes came from its North American operations. In its international operations, which include China, home to world's largest car market, GM reported earnings of $600 million before interest and taxes. In Europe, however, GM reported a loss of $600 million

Revenue in the third quarter was $34.1 billion, about $900 higher than in the second quarter, as the company saw its business improve in all of its markets worldwide, except Europe. GM delivered nearly 2.07 million vehicles during the 90 days ending September, slightly fewer than the 2.16 million it sold worldwide in the second quarter.

"GM's long term operating principle must be continuous improvement and innovation. They are on the right track but this is only be the beginning," said Jesse Toprak, senior analyst at TrueCar.com. "Once GM goes public, all eyes will be on the company -- not just American taxpayers, but investors worldwide."

IPO Is Coming

Last week, GM released details of its pending initial public offering, expected later this month. The company seeks to raise $13 billion by selling a combination of common and preferred shares of stock. The stock sale will result in the U.S. Treasury reducing its stake in GM to about 40% from its current 61%.

Though GM has so far this year been solidly profitable, it cautioned that fourth-quarter results will be "significantly lower" than those recorded during the first three quarters of the year for reasons it anticipated. GM said it expects to record positive earnings before charges related to interest and taxes, but didn't say if it anticipates a net profit for the three months that will end December.

The automaker cited costs related to the introduction of new models, including the compact Chevrolet Cruze and electric-powered Volt, and increased engineering expense for the anticipated lower earnings. GM also expects to take a $700 million charge to purchase preferred shares held by the U.S. Treasury.

In his remarks Wednesday, Akerson said the company has made significant strides in lowering costs in North America and boosting its market share overseas in countries such as China, where GM has become the first automaker to sell 2 million cars in a single year.

"The company has focused on a clear and simple vision: design, build and sell the world's best vehicles," he said.

Still, Akerson said, much more remains to be done, including fixing GM's unprofitable business in Europe, remaining vigilant on reducing costs and doing a better job of marketing its brands to consumers.




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Tax Attorneys

GM is probably going to have a lot of taxes to pay on these profits. For more on taxes visit http://thenassarfirm.com.

April 19 2012 at 8:01 PM Report abuse rate up rate down Reply
Montclair Attorney

If you're ever arrested get caught driving a GM vehicle while under the influence and you live in the Montclair New Jersey area you need to go to this site http://www.bestmontclairlawyers.com/ and talk to Jersey's best criminal lawyers. These guys specialize in DWI defense. Don't drive your GM vehicle drunk, but if you do, call us.

March 30 2012 at 10:12 AM Report abuse rate up rate down Reply
Retirement Planning

If you're thinking of Retirement Planning Florida you've got to look to these guys http://www.retirementplanningbocaraton.com to help you. They are legal experts when it comes to estate planning, wills, trusts and much more, Call them today, you wont regret it.

March 23 2012 at 11:02 AM Report abuse rate up rate down Reply
Bail Columbia

Way to go GM! If you guys ever find yourself in a South Carolina jail and need to make Bail Columbia whip out your smart phone and head here: http://www.bailbondscolumbia.com we'll be sure to help you out.

Sincerely,
Bail Columbia

March 23 2012 at 10:22 AM Report abuse rate up rate down Reply
helloworld12345

These are tough economic times and these guys are still making out like bandits. Meanwhile everyone else is going through foreclosure or a short sale on their house. If you're one of the latter, go here: http://www.consumerlawyersofamerica.com

Sincerely,
Short Sales

March 15 2012 at 11:45 AM Report abuse rate up rate down Reply
howtogetdivorced

So Glad To See An American Car Company Profiting Again!! This country needs this!

Sincerly,
How-To-Get-Divorced.com

March 14 2012 at 7:09 AM Report abuse rate up rate down Reply
howtogetdivorced

So Glad To See An American Car Company Profiting Again!! This country needs this!

Sincerly,
How-To-Get-Divorced.com

March 14 2012 at 7:08 AM Report abuse rate up rate down Reply
UK INJURY LAWYERS

Good Job...

Regards
UK Injury Lawyers
www.247injurylawyers.co.uk

January 24 2012 at 4:59 AM Report abuse rate up rate down Reply
mike edwards

what people do not understand is that gms ceos would sell there mother to the commies they buy most of the engines and trannys from the so called other countrys like china mexico austria ect and put there label on it and call it american oh by the way canada and mexico do not pay into ss so when it runs out dont cry keep bringing cars in from those countrys and putting your labels on them oh by the way the ford fiesta is made in mexico the buick reagl is made in germany with mexican motor and chinese tranny

November 10 2010 at 9:41 PM Report abuse +1 rate up rate down Reply
johnmanus

Hey if the Government paid all my bills and let me **** over the benefits of life long employees and loan me all the money I ever need.... I think I could make money too. just a bunch of stupid ********

November 10 2010 at 8:11 PM Report abuse rate up rate down Reply