Ford profit slips

DEARBORN—Ford Motor Co. reported net income of $1.83 billion or 45 cents a share in the third quarter, down from $2.39 billion or 60 cents a share in the same quarter a year earlier. Revenue was $33.21 billion, down from $34.71 billion a year earlier.

For the nine months, net income was $6.56 billion or $1.40 a share, up from $1.52 billion or 38 cents a share a year earlier.

Affecting profitability was a $300 million decline in revenue at Ford Credit and an increase of $700 million in selling, administrative, and other expenses.

Ford officials noted that revenue and net income rose from the second to the third quarter of 2021, driven by increases in semiconductor availability and wholesale vehicle shipments.

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