GM posted third quarter net income of $1.96 billion

Article by Christian A., on November 10, 2010

GM announced today that it posted a third quarter net income of $1.96 billion on revenues of $34.06 billion. The bad news is that the American manufacturer expects its profitability to fall in the fourth quarter due to the higher new-product development and vehicle-launch costs for cars such as Chevrolet Volt and Cruze.

Comparing with the third quarter results showed in 2009, the numbers are impressive, as GM posted last year a $1.15 billion loss after going through a U.S.-funded overhaul in bankruptcy court.

“The results of the third quarter clearly point to the amount of progress GM has made,” CEO Dan Akerson said in a conference call.

In addition, GM announced that it third quarter results topped Ford Motor Co's $1.7 billion third-quarter profit.

Ford exited ts U.S.-steered bankruptcy a month before GM, and had a third-quarter operating profit of $239 million and a net loss of $84 million. GM’s sales in October were up 6 percent to 1.8 million units.

“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer. [via autonews - sub. required]

Topics: gm, profit

If you liked the article, share on:

Comments

Recommended

Fans and enthusiasts of the BMW M2 in the United States could now rejoice. This comes as their favorite BMW M2 is getting a limited edition version as prepped by...
by - February 20, 2017
Carmakers usually leave us thirsty for information on whether they would introduce a new, refreshed or face-lifted vehicle and on when they intend to launch it. There are reasons for...
by - February 20, 2017
Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Now on sale in several major markets around the world including Europe, the BMW 5 Series (G30) heralds the arrival of the new seventh generation and represents a whole new...
by - February 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries