Ford quarterly profit drops almost 26% due to $1B write-offs for canceled electric SUV

DETROIT -- Ford's third-quarter nett profit fell astir 26% arsenic nan institution took $1 cardinal successful accounting charges to constitute down assets for a canceled three-row electrical SUV.

The Dearborn, Michigan, institution said aft financial markets closed connected Monday that it made $892 cardinal from July done September, compared pinch $1.2 cardinal it made a twelvemonth earlier.

Excluding nan one-time items, Ford made an adjusted pretax profit of $2.6 billion, aliases 49 cents per share. That hit expert estimates of 46 cents, according to FactSet.

Revenue roseate 5.5% to $46.2 billion, besides beating Wall Street predictions.

CEO Jim Farley said successful a connection Ford has taken reliable actions to springiness it advantages complete competitors. The accounting complaint and cancellation of nan electrical SUV were announced successful August.

Sales successful nan U.S., Ford's astir profitable market, roseate conscionable nether 1% during nan 4th to astir 500,000 vehicles.