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Ford Profit Dips 1% on Taxes, N. America Income Offsets Loss in Europe
Ford Motor Co. netted $1.6 billion in the third quarter of this year, down $20 million from the same period of 2011.
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Ford Motor Co. netted $1.6 billion in the third quarter of this year, down $20 million from the same period of 2011. Revenue slipped 3% to $32.1 billion.
Net income was dented by a 10% increase in Ford's corporate tax rate. The company's pretax earnings rose $219 million to $2.2 billion.
Ford's pretax operating profit in North America soared 44% year over year to a record $2.3 billion in the July-September period, marking a 12% return on sales. But the company's loss in Europe widened 53% to $468 million.
Ford warns that worldwide results will be weaker in the final three months of the year than in the previous quarter because of rising structural costs such as engineering, manufacturing and marketing.
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