General Motors posted yet another quarter of profits, with third-quarter net income of $1.7 billion. That figured, however, was down 15 percent compared to the third quarter of 2010, when GM reported $2.0 billion in profits.
GM’s net revenue last quarter was $36.7 billion, up $2.6 billion over the same period in 2010. The company attributed its third-quarter profits to strong sales in North America and China, but admitted that sales could improve in other markets.
“Solid isn’t good enough, even in a tough global economy,” said GM CEO Dan Akerson. “Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.”
The company expects its fourth-quarter profits will match those of 2010 (i.e. $500 million), as it expects North American sales to slow slightly before the dawn of the next model year. GM also notes its earning results next quarter will likely be influenced by a settlement paid to the Canadian Auto Workers’health care trust.