General Motors Co reported record quarterly earnings before charges for the third quarter, as strong demand for trucks in North America and improved profit margins in China overcame declining revenues. GM posted profit of $1.50 a share in the quarter, up 55 percent from a year ago and well ahead of the $1.18 per share consensus among Wall Street analysts polled by Thomson Reuters I/B/E/S. GM's robust quarter contrasted with disappointing results from other big U.S. manufacturers, which have wrestled with slowing growth in China and the drag on revenues exerted by the strong U.S. dollar. For GM, a big key to success was in North America, where cheap gasoline has fueled surging demand for large pickup trucks and sport utility vehicles, segments where GM is dominant. The automaker generated 72 percent of its quarterly revenue in North America, where profit margins hit a record 11.8 percent. In China, GM's share of joint-venture profits for the quarter dipped to $463 million from $484 million a year ago, but profit margins rose to 9.8 percent from 9.6 percent, reflecting sales of higher-priced sport utility vehicles and luxury cars. GM Chief Financial Officer Chuck Stevens said the company expects to hit its goal this year of generating 10 percent profit margins in North America for the full year, a year ahead of its previous forecast. Overall, however, GM's revenues for the quarter fell 1.3 percent to $38.8 billion, largely because of the impact of the strong U.S. dollar. GM said revenues would have been $2.3 billion higher if exchange rates had remained constant. In the quarter, GM had $1.5 billion in costs related to a settlement of a U.S. Justice Department investigation into a mishandled ignition switch recall. Including the charges, net income totaled $1.36 billion, or 84 cents a share, versus $1.47 billion, or 81 cents a share. The rise in per share net income reflected GM's continuing share buyback program. The company said it has spent $2.9 billion through Oct. 19 buying back shares, putting it more than halfway toward completing a previously announced $5 billion repurchase plan projected to be completed in 2016. (Reuters)