Ford Motor on Tuesday posted a higher-than-expected quarterly profit as strength in the No. 2 U.S. automaker's core North American market offset losses in Europe and South America.
The company, whose shares rose more than 3 percent, also affirmed the 2014 profit outlook that it presented to investors last month. Ford has described 2014 as a transition year that will test the strength of Chief Executive Officer Alan Mulally's team and the company's restructuring since he took over in 2006.
Ford said last month that the cost of introducing new vehicles and a deteriorating Venezuelan economy would dent its profit this year. The news sent the company's shares to their biggest one-day percentage drop in more than two years.
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However, the stock regained ground after Mulally quashed speculation earlier this month that he would leave Ford for the top job at Microsoft. He has emphasized that he remains engaged in the company's day-to-day operations as well as setting long-term strategy.