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GM reports $2 billion in third-quarter earnings: Higher sales and cost-cutting are key to the automaker's third straight quarterly profit. It's on track to have its first full-year profit since 2004 as it prepares for a public offering next week. (W.J. Hennigan, 11/11/10, Los Angeles Times)

General Motors Co. posted its third consecutive profitable quarter Wednesday and is on track to have its first full-year profit since 2004.

The Detroit automaker's announcement of a $2-billion profit comes just days before its public offering Nov. 18.

Bolstered by higher auto sales, GM reported that revenue rose 28% to $34.1 billion in the quarter. Earnings per share jumped $1.20, compared with a loss of 73 cents a share a year earlier, the company said. [...]

A year ago, GM was fresh from bankruptcy protection. From 2005 to 2009, the automaker racked up about $88 billion in losses.

It emerged in June 2009 after the U.S. government bailed out the company and took a 61% stake through $50 billion in loans and stock purchases.