The GM numbers put the company ahead of both Ford, which posted a third-quarter profit of $1.7 billion and Chrysler, which recently announced a net loss of $84 million for the same time period.
GM has seen sales climb by six percent so far this year, even while losing around 11 percent of its market share thanks to the sale or demise of brands like Hummer, Saab, Pontiac and Saturn. Hit the jump for the full press release.
[Sources: Automotive News, GM]
Net income of $2.0 billion, earnings per share of $1.20
DETROIT, Mich. – General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:
Revenue of $34.1 billion
Net income attributable to common stockholders of $2.0 billion
Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20
Earnings before interest and tax (EBIT) of $2.3 billion
Net cash flow from operating activities of $2.6 billion
Free cash flow of $1.4 billion
"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.
GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter.
Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion.
GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.