GM reports $529 million adjusted net profit

General Motors today posted a profit on an adjusted basis, excluding special items, and generated its third consecutive quarter of record revenue. The news comes just days after Ford reported an adjusted loss of $1.2 billion, or an overall loss of $5.8 billion.

GM reported a net loss of $115 million, or $0.20 per share, for the third quarter of 2006, compared with a loss of $1.7 billion, or $2.94 per share, for the year-ago quarter. The net loss for this year's third quarter included $644 million, or $1.13 per share, in charges for special items, including goodwill impairment at GMAC and an increase to the charge associated with Delphi's reorganization.

GM reported 2006 third-quarter adjusted profit, excluding special items, of $529 million, or $0.93 per share diluted, on revenue of $48.8 billion. These results represent a $1.6 billion improvement from the year-ago loss of $1.1 billion. GM's global automotive operations almost fully accounted for the improvement, with net income from global automotive operations up by $1.5 billion year-over-year -- a loss of $116 million on an adjusted basis, excluding special items (reported net loss of $62 million). GM says the biggest improvements were in North America.