Thursday, Oct. 16, 2003 | 9:43 a.m.
DEARBORN, Mich. -- Ford Motor Co., which continues to cut expenses while battling intense pricing competition in the United States, reported a sharply narrower loss in the third quarter, buoyed by strong results from its financial services arm.
The world's second-biggest automaker said today it lost $25 million, or 1 cent a share, compared with a loss of $326 million, or 18 cents a share, a year ago. Ford also revised upward its full-year earnings forecast from 70 cents a share to 95 cents to $1.05 a share.
In addition to a strong performance at Ford Motor Credit Co., the company said results were driven by intense cost-cutting. But it had another large loss in worldwide automotive operations.
Third-quarter revenue declined to $36.9 billion from $39.3 billion, primarily reflecting lower vehicle sales.
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