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November 10, 2010 9:25 AM, EST

GM Reports $2.1 Billion Third-Quarter Profit

General Motors Co. Wednesday reported a $2.1 billion third-quarter profit, as it prepares for a new initial public offering as soon as next week, Bloomberg reported.

Earnings before interest and taxes rose to $2.28 billion, from $2.03 billion in the second quarter, GM said in a statement. Revenue was $34.1 billion.

GM’s North American operations’ profit before interest and taxes was $2.13 billion — a 33% increase from the second quarter’s $1.59 billion, Bloomberg reported.

The automaker, which is 61% owned by the U.S. government, reduced costs through bankruptcy and is selling new cars for higher prices, Bloomberg said.