Ford's cars, trucks fail to deliver profit

October 20, 2004|By NEW YORK TIMES NEWS SERVICE

DETROIT - Ford Motor Co. reported yesterday third-quarter earnings that exceeded Wall Street's expectations, but the automaker made its money from financing, not cars and trucks.

Ford reported net income of $266 million, or 15 cents a share, compared with a net loss of $25 million, or 1 cent a share, in the third quarter last year. Excluding special items, the company earned 28 cents a share, about double what Wall Street had expected. Revenue rose to $39 billion from $36.7 billion.

Ford said its pretax North American automotive losses increased to $481 million from $108 million. Worldwide, Ford's pretax automotive profits fell to a $609 million loss.

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