Ford reports nearly 26% drop in third-quarter net profit due to canceled electric SUV
Ford's third-quarter net profit fell nearly 26% as the company took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV.
The Dearborn, Michigan, company said after financial markets closed on Monday that it made $892 million from July through September, compared with $1.2 billion it made a year earlier.
Excluding the one-time items, Ford made an adjusted pretax profit of $2.6 billion, or 49 cents per share. That beat analyst estimates of 46 cents, according to FactSet.
Revenue rose 5.5% to $46.2 billion, also beating Wall Street predictions.
CEO Jim Farley said in a statement Ford has taken tough actions to give it advantages over competitors. The accounting charge and cancellation of the electric SUV were announced in August.
Sales in the U.S., Ford's most profitable market, rose just under 1% during the quarter to about 500,000 vehicles.