This is an archived article that was published on sltrib.com in 2010, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Detroit • Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering.
The third-quarter earnings of $1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said Wednesday. The earnings were boosted by higher prices from newly introduced models such as the Buick LaCrosse, a midsized luxury sedan.
"I think the results of the third quarter clearly point to the amount of progress that GM has made," GM CEO Dan Akerson said in a conference call with analysts and media. He said GM is on track to make 2010 its first profitable year since 2004.
It was the third-straight profitable quarter for GM.
Combined News Services
GM shows strength
The numbers • General Motors reported a $2 billion third-quarter profit, nearly matching the $2.2 billion it made in the first two quarters combined. The company had strong earnings in North America on sales of new, higher-priced models. It also made money in Asia and Latin America, but lost millions in its troubled European operations.
The impact • For the first nine months of the year, GM made $4.2 billion, a solid profit that will help it woo investors for an initial public stock offering next week.
What's next • GM executives are traveling around the U.S. and Europe making sales pitches to prospective investors in the IPO, which is scheduled for Nov. 18.