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http://www.autoblog.com/2010/11/10/g...-ahead-of-ipo/

General Motors announces Q3 profit of $1.96 billion ahead of IPO

by Zach Bowman (RSS feed) on Nov 10th 2010 at 9:29AM

General Motors posted its last financial report before the company's initial public offering of stock next week. In it, the company reported that in the third quarter of 2010, it earned a net income of $1.96 billion on a total of $34.06 billion in revenue. That puts the automaker's 2010 figures at $4.16 billion of net income on $98.17 billion in revenue, though GM does say that it expects earnings to fall in the fourth quarter thanks to costs associated with developing new vehicles and launching products like the Chevrolet Volt and Cruze.

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]