Ford Motor Co.’s third-quarter net income rose 68 percent as it grabbed a bigger share of the U.S. auto market and buyers paid more for its highly-rated cars and trucks.
It was Ford’s sixth straight quarterly profit. The automaker says it earned $1.7 billion, or 43 cents per share, beating Wall Street estimates. Analysts polled by Thomson Reuters had forecast earnings of 38 cents per share. Those estimates typically exclude one-time items.
Ford earned $1 billion, or 26 cents per share, in the same quarter a year earlier.
Revenues fell 3 percent to $29 billion. But excluding revenue from Volvo, which was sold, revenues rose.
The automaker says it expects to end the year with as much cash as it has debt, a year earlier than it had previously forecast.