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subject Ford Posts Profit, Loses Money in Autos
DETROIT (Reuters) - Ford Motor Co. (F.N: Quote , Profile , Research ) on Tuesday reported a higher-than-expected quarterly profit as strength in its finance arm once again offset losses in its automotive business. Ford, the second-largest U.S. automaker said third-quarter net income was $266 million, or 15 cents a share, compared with a year-earlier loss of $25 million, or 1 cent a share. Excluding $64 million in charges, mainly for restructuring its Jaguar division, Ford said it earned 28 cents a share. Wall Street analysts on average were expecting profit of 14 cents a share, according to Reuters Estimates. The automaker raised its 2004 earnings outlook for the fifth time this year, to $2 to $2.05 per share from a previous range of $1.90 to $2. The quarterly and annual estimates exclude the costs of the Jaguar actions and other special items. Last month, Ford said it was ending car production at a Jaguar plant in Britain and slashed 1,150 jobs, or 15 percent of the money-losing division's work force.
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