Motors Co.s third-quarter net income fell 52.7 percent to
$698 million from nearly $1.48 billion in the same period last
year despite a 3.7-percent increase in sales to $39
Net income was
impacted by cumulative dividends on preferred stock and a
charge related to the repurchase of 120 million shares of
preferred stock, the Detroit-based automaker said.
"We made gains in the
third quarter as we improved our North American margins and
increased our global share on the strength of our Chevrolet
brand," chairman and chief executive officer Daniel F. Akerson
said in a statement Oct. 30.
Strong demand for new
vehicles helped boost GMs top-line results in the
quarter, executive vice president and chief financial officer
Daniel Ammann said.
GM sold 2.4 million
vehicles worldwide in the three months ended Sept. 30, up 5.5
percent from 2.3 million in the same period last year. North
American sales totaled 808,000 vehicles, a 6.5-percent increase
from 759,000 a year earlier. European sales of 388,000 vehicles
rose 4.3 percent from 372,000 in the same comparison, while
sales in Asia-Pacific, Middle East and Africa region jumped 8.5
percent to 930,000 vehicles from 857,000 units.
ventures in China sold 744,000 vehicles in the quarter, up 12.2
percent year over year, with the year-to-date tally up 11.1
percent to 2.31 million vehicles.
The only decline in
the quarter was in South America, where sales fell 4.2 percent
to 273,000 vehicles from 285,000 in the year-ago period.
North American sales
totaled $23.5 billion in the quarter, up 5.2 percent from $22.3
billion a year earlier, while European sales were up 3.3
percent to $4.9 billion from $4.7 billion.