The Latest: Ford’s 3Q net profit drops 37 percent

DEARBORN, Mich. (AP) — The Latest on Ford’s third quarter earnings (all times local):

4:15 p.m.

Ford Motor Co.’s net profit fell 37 percent in the third quarter as sales slowed in the U.S. and China.

The company says it made $991 million from July through September, or 25 cents per share. Revenue was up 3 percent to $37.67 billion.

Excluding one-time items, Ford says it made 29 cents per share. That beat Wall Street expectations. Analysts polled by FactSet expected 28 cents per share. Revenue fell slightly short of estimates.

Chief Financial Officer Bob Shanks says the company wouldn’t be releasing any further restructuring details on Wednesday, but would make them public when ready. He reaffirmed its full-year guidance of an adjusted $1.30 to $1.50 per share and said tariffs cost the company about $1 billion during the quarter.

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