Ford boosts outlook after third-quarter profit beat
DETROIT Oct 24 (Reuters) - Ford Motor Co on Thursday reported higher-than-expected third-quarter profit and boosted its full-year global earnings outlook, helped by an improved outlook in Europe.
Third-quarter net income fell a little more than 22 percent to $1.27 billion, or 31 cents per share, due to nearly $500 million in special charges, including $250 million spent on restructuring Europe.
But excluding the one-time items, the second largest U.S. automaker reported adjusted earnings of 45 cents per share. This was better than the 38 cents expected, on average, by analysts, according to Thomson Reuters I/B/E/S.
Third-quarter revenue rose 12 percent to $36 billion. The company expects total pretax profit to be higher than last year's $8 billion. Previously, Ford said it expected its 2013 profit to be about equal to last year's levels.