Special Items Nip GM’s Quarterly Net

General Motors Co. reports net income of $1.7 billion in the third quarter compared with $1.8 billion a year earlier. Results were hurt by an $800 million company buyback of preferred stock.

GM's revenue for the period grew 4% to $39 billion. Operating income jumped 44% to $2.3 billion.

The company's adjusted third-quarter earnings before interest and taxes surged 28% to $2.2 billion in North America and 79% to $284 million in South America.

GM narrowed its adjusted EBIT loss in Europe to $214 million from $487 million in the third quarter of 2012. Adjusted EBIT for the company's international operations plunged to $299 million from $1 billion. The company says gains in China were offset by recall costs in India and unfavorable exchange rates in the region.

Worldwide retail sales in July-September rose 5.5% to 2.4 million vehicles, led by North America (+6.5% to 808,000 units) and Asia Pacific (+8.5% to 930,000). Sales improved 4% to 388,000 vehicles in Europe but fell 4% to 273,000 units in South America.

GM's financial operations posted third-quarter pretax earnings of $239 million, up 20% from last year.