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FILE - In this Thursday, Sept. 22, 2016, file photo provided by General Motors, GM President North America and Global Chevrolet Brand Chief Alan Batey introduces the 2018 Chevrolet Equinox compact SUV, in Chicago. General Motors reports financial results Tuesday, Oct. 25, 2016. (Brian Kersey/General Motors via AP, File)

FILE - In this Thursday, Sept. 22, 2016, file photo provided by General Motors, GM President North America and Global Chevrolet Brand Chief Alan Batey introduces the 2018 Chevrolet Equinox compact SUV, in Chicago. General Motors reports financial ... results Tuesday, Oct. 25, 2016. (Brian Kersey/General Motors via AP, File) (The Associated Press)

GM reports record 3Q earnings despite slowing US sales

Markets Associated Press

General Motors reported a record third-quarter profit that doubled the same period a year ago, despite falling sales and market share in the U.S.

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The Detroit automaker earned $2.77 billion, or $1.76 per share, compared with $1.36 billion, or 84 cents per share a year ago.

Sales in the U.S., GM's most lucrative market, fell nearly 4 percent in the quarter. But GM said its strategy to cut low-profit sales to rental car companies, a strong performance in China and cost cuts led to the record.

Excluding a 4-cent benefit from an unspecified ignition-switch recall recovery, GM made $1.72 per share. That beat Wall Street estimates of $1.46 per share. Revenue hit a record $42.8 billion.

U.S. auto sales have started to slow after hitting a record 17.5 million last year.