Ford’s Net Profit Jumps 63% in Third Quarter

Ford Motor Co. reports its net income rose to $1.6 billion in the third quarter from $957 million in the same period last year.

Profits were driven by strong demand in North America for the company’s F-Series fullsize pickup trucks, coupled with record-high results in Asia Pacific. Revenue in July-September advanced 1% to $36.5 billion.

Ford says a richer sales mix and lower relative spending on sales incentives offset a 2% decline to 1.50 million wholesale deliveries.

Quarterly pretax earnings rose 40% to $2 billion. EBIT grew 31% to $1.7 billion in North America and more than doubled to $289 million in Asia Pacific. Profit margins in the two markets rose to 8.1% from 5.8% and to 7.9% from 4.3%, respectively.

Ford’s European operations for the period swung to an $86 million pretax loss because of new-produce launch costs, commodity price increases and negative effects from Brexit. The company narrowed its EBIT losses in South America and the Middle East/Africa.

Ford Motor Credit Co.’s pretax profit climbed 6% to $600 million in the third quarter, thanks to expanded retail financing and stronger-than-expected used-car prices on leased vehicles.