News Summary: Ford reports $1.63b 3Q profit

The Associated Press

FORD PROFIT: Ford Motor Co. posted better-than-expected third-quarter results thanks to a record $2.3 billion pretax profit in North America. Higher prices and lower spending on ads and incentives contributed to North America's bottom line. But losses in Europe hurt profits.

THE NUMBERS: Ford earned $1.63 billion, or 41 cents per share, down 1 percent from a year ago. Revenue fell 3 percent to $32.1 billion.

WHAT'S NEXT: Ford lost $468 million in Europe, where sales have fallen sharply. The company plans to close three European plants and introduce 15 new vehicles to the region to try to stem losses.