Ford reported third-quarter net income of $1.3 billion, beating Wall Street’s expectations.
The company’s revenue for the July through September quarter rose 12% to $36 billion.
The number of vehicles sold was up 16% and the automaker gained market share in every region.
The third-quarter net income was down $359 million from a year ago, in part due to restructuring charges in Europe and a $145-million charge tied to lump-sum payments offered to retired U.S. salaried workers. The program is 80% complete. Final figures on cost and employee participation will be announced in 2014.
The company now expects 2013 pretax profit to be higher than the $8 billion reported in 2012.
Source: Detroit Free Press
