Ford (NYSE: F) beat Wall Street expectations Thursday, driven in large part by cost reductions.
The company said it has been cost cutting across several departments. Costs were also comparably lower this quarter because Ford suffered a massive recall of its vehicles this time last year.
Last year Ford had to recall almost 2.4 million vehicles spanning several models, such as the Mustang, Focus, and Lincoln MKC.
Adjusted Earnings per Share were 43 cents versus the 32 cents expected by analysts. Revenue came in at $36.5 billion vs. $32.8 billion expected in the survey. On a per share basis, net earnings rose to 39 cents, a 15-cent increase over the same quarter last year.
On an adjusted basis, the company reported third-quarter earnings of 43 cents a share, which outpaced analyst expectations of 32 cents. Earnings per share in the same quarter last year were 26 cents.
Net income was $1.6 billion, compared with $1 billion in the same quarter of 2016.
Strong performance in North America and a record pre-tax profit in Asia drove automotive profits, Ford said.
Adjusted pre-tax profit of $2 billion was $548 million higher than the same quarter last year, driven by favorable costs and market factors.
What’s more, the company gave full-year adjusted earnings per share guidance range of $1.75-$1.85.
Shares in the automaker eked up 13 cents, or 1.1%, to $12.17, within a 52-week trading range of $10.47 to $13.27.
