Is it almost time to buy a classic American carmaker again?

After reporting strong second-quarter earnings, General Motors () is likely to file initial paperwork registering for an initial public offering today, according to media reports.

An IPO filing would include GM's rough estimate of the amount of cash it hopes to raise and the number of shares it expects to sell, but timing could play a key role in determining the offering's success.

Current investor worries about the health of the economy could mute demand for GM shares, so the actual stock sale will likely go better if it happens later in the year, says David Silver, an analyst who covers the auto industry at Wall Street Strategies.

Of course, any IPO news today may be somewhat overshadowed by the company's announcement Thursday that chief executive Edward Whitacre is stepping down and will be replaced by GM board member Daniel Akerson in December.

The announcement was released along with GM's second-quarter results. The company said it turned profit for a second consecutive quarter, lending credence to a turnaround since the firm filed for bankruptcy last June. Net income climbed to $1.3 billion, or $2.55 a share, up from $1.3 billion, or $1.66 a share, in the first quarter. Revenue rose to $33.2 billion, up from $31.5 billion in the first quarter. The company s North American and international divisions each posted profits, although its European division saw a loss of $0.2 billion, narrower than its first-quarter loss of $0.3 billion.

GM's rate of growth in key developing economies like China, India and Brazil slowed during the second quarter, but potential investors shouldn t be concerned, Silver says. Rapid growth can t be sustained forever. Potential investors should watch for a sharp deceleration of growth in international sales or further weakening in Europe, Silver says.

For now, the most encouraging sign in the second-quarter report was the strong free cash flow, a clear signal of improved efficiency in North American operations, Silver says. As for the sales increase, because the company has changed so much, "it is going to take a few years to develop what's the new normal for General Motors," he says.