Markets

GM's profit nearly doubles

/ AP

DETROIT - General Motors (GM) says its third-quarter profit nearly doubled as strong earnings in North America and China outweighed struggles in Europe and South America.

The automaker posted a net profit of $1.38 billion, or 81 cents per share, from July through September. A year ago, GM made $698 million, or 45 cents per share.

It was the first quarter 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. That also beat expectations of $38.79 billion.

First published on October 23, 2014 / 7:46 AM EDT

© 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.