Ford's turnaround in Europe is a result of several factors.
For one, the automaker's cost-cutting moves, including trimming the workforce and consolidating operations, are filtering through to the bottom line. In addition, Ford finally has been able to raise prices on the vehicles it sells in Europe.
"It's still a competitive environment," Fields said. "The good news is you're starting to see the positive impact of new products in Europe."
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Some economies have stabilized, as well, he said.
"There are signs we're seeing some markets return to growth," Shanks said.
With the closure of its plant in Genk, Belgium, at the end of 2014, Ford's costs in Europe will continue to drop. That could be the final boost the company needs to turn a profit there.
Ford's business in China is booming, with sales up 51 percent this year. Sales are improving in Latin America, where the company has introduced several new models.