US car maker Ford has reported lower third-quarter earnings after accounting for hedging against commodity price increases that did not materialise.
The US giant posted its 10th consecutive quarterly profit, extending a recovery expected to clear the way for a resumption of dividends.
But Ford chief financial officer Lewis Booth told reporters the company would not be addressing the timing of reinstating a dividend today.
Ford made a net profit of $1.65 billion, or 41 cents per share, down from $1.69 billion, or 43 cents per share, a year earlier. Revenue rose to $33.1 billion from $29 billion, beating expectations.
Excluding once-off items. Ford earned 46 cents per share, just ahead of the average analyst forecast of 44 cent.
Ford lowered its debt by $1.3 billion in the quarter, to $12.7 billion. It will save about $1 billion in interest payments in 2011 compared with 2010 because of its debt-reduction efforts.
In the third quarter, Ford benefited from stronger than forecast output in North America after U.S. auto sales steadied over the summer without evidence of the renewed slump some analysts had feared. Ford also raised its global and North American production forecast for the fourth quarter.
