GM Reports $2 Billion Third Quarter Profit

By: Associated Press
By: Associated Press

DETROIT (AP) -- General Motors says it made $2 billion in the third quarter, a strong showing that helps the company's pitch to investors who may buy stock in an initial public offering.
The earnings of $1.20 per share nearly matches what the automaker earned in the first two quarters combined. The profit was fueled by GM's international operations and strong revenue from newly introduced car and crossover models in North America.
The U.S. government and GM's other owners plan to sell part of their stakes in the Detroit automaker when the IPO takes place Nov. 18.
The latest result reverses a loss in the third quarter of last year when GM was just emerging from bankruptcy.
Revenue rose 36 percent to $34.1 billion.


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