In this Tuesday, Aug. 30, 2011, photo, a Ford Focus is on display at a car dealership in San Jose, Calif. Ford’s third-quarter net income eases 1 percent to $1.63 billion as European losses swamp record North American profits, the company announced Tuesday, Oct. 30, 2012. (AP Photo/Paul Sakuma)
DEARBORN, Mich. (AP) — Europe may have lost its appetite for new cars, but buyers in America and China propelled Ford to a better-than-expected profit in the third quarter.
Ford Motor Co. earned $1.63 billion, down only slightly from a year earlier, despite lower worldwide sales and bigger European losses. It was the company’s best performance ever in the third quarter.
Ford said Tuesday its per-share net income was unchanged at 41 cents. Excluding one-time items, like severance payouts, Ford earned 40 cents per share, beating Wall Street’s forecast of 30 cents, according to FactSet.
Ford reported a $2.3 billion pretax profit in North America, its best performance since the company began reporting separate North American results 12 years ago. The region has been profitable for three years now, after a grueling restructuring that saw thousands of job cuts, plant closures and the accelerated development of new products like the Focus sedan. That restructuring is now Ford’s blueprint for Europe, which is expected to drag down results this year and next.
“We know what it takes to have a healthy business,” Chief Financial Officer Login to read more