GM announces third consecutive quarter of profitability

General Motors Company announced its third consecutive quarter of profitability and positive cash flow today with a net income of $2 billion.

The Q3 results, all in U.S. figures, show the automaker generated revenues of $34.1 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; and a net cash flow from operating activities of $2.6 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 says it 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.”