Ford Motor Company [NYSE: F] today reported net income of $997 million, or 29 cents per share, in the third quarter.
The Dearborn based automaker attributed the improvement to new products, structural cost reductions and improved results at Ford Credit.
This is a $1.2 billion improvement compared with the same period last year.
Excluding special items, Ford posted pre-tax operating profits totaling $1.1 billion, an improvement of $3.9 billion from a year ago. This marks the company’s first operating profit since the first quarter of 2008. On an after-tax basis, excluding special items, Ford posted an operating profit of $873 million in the third quarter, or 26 cents per share, compared with a loss of $3 billion, or $1.32 per share, a year ago.
Ford’s North American operations posted a pre-tax operating profit of $357 million, its first quarterly profit since the first quarter of 2005. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the third quarter.