GM Reports $1.4 Billion Net Profit

General Motors Co.'s third-quarter revenue grew less than 1% to $39.3 billion. Consolidated net income for the period fell to $1.4 billion from $1.7 billion a year ago.

Excluding $800 million for a one-time repurchase of preferred shares last year, GM's net for the period doubled.

Third-quarter retail sales advanced 2% to 2.45 million units, thanks to 9% increases in Asia Pacific/Middle East/Africa (to 1.07 million units) and North America (to 884,000 units).

But worldwide wholesale shipments fell 6% to 1.48 million for the quarter. They also are down 6% to 4.46 million for the first nine months of 2014. An 8% gain in North America was offset by shrinkage elsewhere.

GM earnings before interest and taxes fell 14% to $2.3 billion in July-September on EBIT losses in Europe and South America.

GM North America hiked its EBIT 12% to $2.5 billion in July-September. But pretax profits for GM International Operations, which include China, shrank 20% to $259 million in the third quarter.

In Europe, pretax losses worsened 63% to $387 million. GM blames higher restructuring costs and the reassignment of its Russian business to GM Europe from International Operations. The company's activities in South America slipped to a $32 million loss from an EBIT of $284 million in the third quarter of 2013.

An extra weekly payment cycle for suppliers lowered its automotive cash flow to $700 million from $1.3 billion in last year's third quarter, according to the company.