General Motors 3Q Profit Nearly Doubles

October 23, 2014 2:28 PM

General Motors 3Q Profit Nearly Doubles
" DETROIT (AP) - Big profits from rising SUV and truck sales in North America helped General Motors nearly double its third-quarter net profit and more than offset its struggles in Europe and South America.

“We were very pleased by results in the quarter, solid overall,” said GM Chief Financial Officer Chuck Stevens. “Really lead by strength in North America and China.”

The automaker posted net income of $1.38 billion, or 81 cents per share. In the year-ago quarter, GM made $698 million, or 45 cents per share.

The July-September quarter was the first this year without significant charges for recalls. GM has issued 75 recalls in 2014 covering more than 30 million vehicles, costing the company more than $2.8 billion.

Without $331 million in one-time items, GM would have made 97 cents per share, exceeding Wall Street’s expectations. Analysts polled by FactSet expected 95 cents.

Revenue grew 2 percent to $39.25 billion, above expectations of $38.79 billion. GM shares rose more than 2 percent in premarket trading.

In North America, revamped pickup trucks and SUVs helped to push GM’s pretax profit up 12.1 percent to just over $2.4 billion "

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