The Dearborn, Mich.-based company earned 29 cents a share in the quarter, which was 1 cent better than analysts expected, while revenue rose to $37.7 billion, also ahead of Wall Street's expectations of $33.3 billion .
While the company's net income did fall 37% year over year, the earnings beat, coupled with the company reiterating its fourth-quarter guidance, led the stock higher Thursday morning.
- Ford is stuck in 1st gear in spite of earnings beat, according to Real Money chartist Bruce Kamich.
Ford expects to earn between $1.30 and $1.50 a share for the year, with a fourth-quarter profit expected to range between 31 cents and 51 cents a share. Analysts are expecting the company to earn 31 cents in the fourth quarter.
Ford was the first of the U.S. Big 3 autos to report results, but Fiat Chrysler Automobiles N.V. (FCAU) - Get Report and General Motors Corp. (GM) - Get Report were already benefiting from Ford's stronger-than-expected quarter.
GM shares were up 3.44% in morning trading while Fiat Chrysler shares jumped 5%. GM is scheduled to release its quarterly results on Oct. 31, while Fiat Chrysler is expected to release its report on Oct. 30.