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Ford profits flat after losses in Europe Ford profits flat after losses in Europe
(35 minutes later)
Carmaker Ford has reported a slight dip in profits for the third quarter after problems in Europe offset record profits in the US.Carmaker Ford has reported a slight dip in profits for the third quarter after problems in Europe offset record profits in the US.
Net income fell 1% to $1.63bn (£1.01bn, 1.26bn euros).Net income fell 1% to $1.63bn (£1.01bn, 1.26bn euros).
The company earned a record $2.3bn in the US, partly thanks to an increase in selling pries. href="http://media.ford.com/article_display.cfm?article_id=37249" >The company said it earned a record $2.3bn in the US, partly thanks to an increase in selling prices.
In Europe, where last week it announced it would close two plants in the UK and may close one in Belgium, sales fell sharply and it lost $468m. In Europe, where last week it announced it would close two plants in the UK and one in Belgium, sales fell sharply and it lost $468m.
Ford said its European sales were the lowest in 20 years.
It also said it believed the problems in Europe, where personal debt and government austerity is biting into consumers' income, was "structural, rather than cyclical".
The company said the changes it announced last week to its European operations were designed to return it to profits in the region by mid-decade, with an operating profit margin of 6-8%.
That compares with a margin of 12% in North America.
Elsewhere in the world Ford's performance was positive, with record market shares recorded in Africa and Asia.
Alan Mulally, Ford president and chief executive said: "While we are facing near-term challenges in Europe, we are fully committed to transforming our business in Europe by moving decisively to match production to demand, improve revenue through new products and a stronger brand, improve our cost efficiencies and take advantage of opportunities to profitably grow our business."