Ford quarter profit slips on European losses

By the Associated Press

Ford's profit in the third quarter allowed to 1 percent to $1.63 billion, such as European losses North American record profits flooded.

Ford Motor Co. said Tuesday its net income per share 41 cents, unchanged from the period from July to September a year earlier. Before special items it earned 40 cents according to analysts interviewed by FactSet, to beat Wall Street forecast of 30 cents.

Ford's sales fell 3 percent to $32.1 billion as vehicle sales in Europe and South America. The company exceeded Wall Street revenue forecast of $31.5 billion mainly due to North America, where sales jumped 8 percent to $19.5 billion, thanks to higher prices and strong sales of higher-margin trucks and SUVs.

A record worthy of Dearborn-based Ford $2.3 billion in North America. Chief Financial Officer Bob Shanks pointed out that this was the third quarter in a row, the company has more than 2 billion $ in the region and reported an operating margin of 10 percent or more. Ford's North American operating margin was 12 percent in the third quarter from 8.6 percent a year earlier.

"For me the story is not only the results but the consistency of the results," he said.

The company lost $468 million in Europe, where sales due to the troubled economy have fallen sharply. Last week, Ford announced a plan to close three factories in Europe, where it expects more than $1.5 billion this year and next year to lose.