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Net
income rose to $1.9 billion in the third quarter from $1.1
billion a year ago. After taxes, earnings per share, excluding
one-time items, were 45 cents a share, one penny short of the
consensus analyst estimate. The company said the shortfall was
due to higher-than-expected taxes.
The No. 2 U.S. automaker reaffirmed its forecast for pretax
profit of $8.5 billion to $9.5 billion for the full year, and
said profit margins in North America would be at the upper end
of a previous forecast of 8.5 percent to 9.5 percent.
Through the first nine months of the year, Ford's North American
profit margin was 9.9 percent.
In the latest quarter Ford reported pretax profit of $2.7
billion in North America, lifting profit margins to 11.3 percent
in large part because of strong sales of its F-series large
pickup truck line.
Outside of North America, Ford lost $340 million before taxes,
although the company said losses in Europe and South America
were narrowing.
Quarterly revenue was $38.1 billion, up $3.2 billion from a year
ago, despite the impact of a stronger dollar.
(Reporting by Bernie Woodall; Editing by Jeffrey Benkoe)
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