More good news for General Motors and for the Obama administration as the newly restructured company prepares for an Initial Public Offering of stock to the public. The automaker turned a $2 billion profit in the third quarter of 2010, the third consecutive quarterly profit for a company that was in bankruptcy only 18 months ago. The Detroit News reports:
General Motors Co. said it earned between $1.9 billion and $2.1 billion profit in the third-quarter on revenues of $34 billion in a preliminary results statement released today.
The third-quarter results bring GM’s total profits so far this year to between $4 billion and $4.2 billion, the company said in a statement. GM earned $2.2 billion in the first two quarters of the year. The company said it expects to post a profit in the fourth quarter, as well, despite higher costs associated with new vehicle launches and engineering for future products.
This will certainly help attract investors during the General Motors IPO, which is scheduled to begin Nov. 18.