DEARBORN, Mich. -- Ford Motor Co. says its net income dropped 1 percent to $1.63 billion in the third quarter as European losses swamped record North American profits.
Without one-time items, including charges for dealer closures, the company earned 40 cents per share. That far exceeded Wall Street's forecast of 30 cents, according to analysts polled by FactSet.
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Ford's revenue fell 3 percent to $32.1 billion, beating Wall Street's forecast of $31.5 billion. Vehicle sales fell slightly to 1.3 million.
The company earned a record $2.3 billion in North America, thanks in part to higher pricing. But it lost $468 million in Europe, where sales have fallen sharply.