NEW YORK (TheStreet) -- Shares of Ford Motor (F) - Get Report were down in pre-market trading on Thursday as the company said net income in the 2016 third quarter fell more than 50% year-over-year due to costs related to a recall of faulty door latches.
Before today's opening bell, Ford reported a net income of $961 million, or 24 cents per share, down from $2.2 billion, or 55 cents per share, in the same period last year.
The automaker booked a $600 million expense after expanding a recall of faulty door latches in September. The recall affected about 2.4 million vehicles in North America.
Adjusted earnings of 26 cents per share nonetheless beat Wall Street's estimated 20 cents per share.
Revenue came in at $35.94 billion, above analysts' expected $33.80 billion.
For the same period last year, Detroit-based Ford earned 45 cents per diluted share on revenue of $35.8 billion.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Ford Motor as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, attractive valuation levels and good cash flow from operations. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: F