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GM reports 3Q profit of $2 Billion

By: detnews.comPosted On: 11/10/2010 9:28 A

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.

Third-quarter earnings before interest and taxes totaled between $2.2 billion and $2.4 billion for the three-month period ending Sept. 30. For the year to date, earnings before interest and taxes totaled between $6 billion and $6.2 billion, the company said.

"We are extremely pleased with the level of progress the company is making," said GM Chief Financial Officer Chris Liddell. "We will deliver a solid and profitable first year, and we are continuing to improve our balance sheet and most importantly the quality of our vehicles."

Details of the results will be released at 7:30 a.m. Wednesday, Nov. 10.

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