American automotive giant Ford Motor Company (F) reported a fall in third quarter revenue and income on Tuesday, but earnings beat Wall Street estimates.
The Dearborn, Michigan based company reported third quarter net income of $1.63 billion, or 41 cents per share, down 1.2% from $1.65 billion, or 41 cents per share, a year ago. Wall Street analysts expected adjusted earnings per share to be 30 cents.
Revenue for Ford fell 2.9% to $32.1 from the third quarter in 2011. The average analyst expectation was $32.17 billion.
“The Ford team delivered a best-ever third quarter, driven by record results in North America,” said Alan Mulally, chief executive officer, in a statement. “While we are facing near-term challenges in Europe, we are fully committed to transforming our business.”
Ford shares were up 39 cents, or +3.76%, in premarket trading on Wednesday.
Ford Motor Company (F) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.