DEARBORN, Mich. (AP) — Ford is reporting that its net income rose 63 percent, to $1.6 billion, in the third quarter on strong pickup truck sales and cost cutting.
The earnings of 39 cents per share beat Wall Street’s expectations by 6 cents, according to a survey by FactSet.
Ford’s revenue rose 1 percent to $36.45 billion. Automotive revenue of $33.6 billion also topped analyst forecasts.
Ford’s overall sales fell 2 percent, to 1.5 million. But the company earned more thanks to booming sales of high-margin trucks.
U.S. sales of F-Series pickups rose 14 percent during the quarter. Ford said buyers paid an average of $45,400 per truck.
Ford Motor Co. raised the lower end of its full-year earnings estimate to $1.75 to $1.85 per share, up from $1.65 to $1.85.
*Copyright, Associated Press.