Ford’s third-quarter income takes a tumble

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DEARBORN, Mich. (AP)–Ford’s third-quarter net income tumbled nearly 60% as it booked $1.5 billion in charges mainly for restructuring, and as Chinese and U.S. sales fell.

The automaker knocked a half-billion dollars off its pretax earnings guidance for the full year. Ford’s net income from July through September was $425 million, or 11 cents per share.

Excluding restructuring charges, the company made 34 cents per share which beat Wall Street estimates that averaged 26 cents per share.

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