Ford Motor boosted its full-year global earnings and margin outlook on Thursday, helped by an improved forecast in Europe and better-than-expected results in the third quarter.
The No. 2 U.S. automaker now expects its pretax profit to top last year's $8 billion and to lose less money in Europe. Previously, Ford predicted its 2013 global profit and Europe losses would be equal to 2012 levels.
Ford saw its vehicle prices stabilize in Europe during the third quarter, Chief Financial Officer Bob Shanks told reporters, adding that the improvement reflected progress in its European restructuring.
Auto industry sales in Europe should begin to see "very, very modest growth" in the near term, Shanks said.
Ford's overhaul of Europe is modeled after Chief Executive Alan Mulally's "One Ford" strategy that helped the company reverse heavy losses in North America, where it still gets the bulk of its profits.