Ford Auto Financing Unit Saves the Day for Automaker

DETROIT, MI – Ford Motor Co. on Tuesday reported a higher-than-expected quarterly profit as strength in its finance arm once again offset widening losses in its automotive business.

The second-largest U.S. automaker continued to lose share in its key U.S. market, with sales of Ford cars and trucks in the United States down 8.1 percent in September and 5.1 percent year to date.

Third-quarter net income reached $266 million, or 15 cents a share, compared with a year-earlier loss of $25 million, or 1 cent a share.

Ford’s core automotive operations lost $673 million before taxes, compared with a loss of $604 million a year ago, while its credit arm earned $734 million. Ford Credit posted a 45 percent increase in profits, boosted by a $65 million decrease in credit loss provisions during the quarter and improved leasing results.

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