Article updated: 10/30/2012 8:30 AM

Ford earns $1.63 billion in third quarter

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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.

Bloomberg News

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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.