MUNICH -- Ford Motor Co.increased its third-quarter pre-tax operating profit in Europe while Volvo narrowed its loss for the quarter.
Ford said on Monday that its third-quarter pre-tax operating profit in Europe was $193 million, compared with a profit of $69 million a year ago.
Ford said structural cost reductions, lower material costs and favorable net pricing helped to boost its European operations.
Third-quarter revenue was $7.6 billion, down from $9.7 billion a year ago, partially hit by unfavorable volume and mix and exchange rates.
Ford's European sales have been helped by government scrappage subsidies in major markets such as Germany, France, Italy and Spain.
Ford said its European market share was 9.2 percent for the quarter, up 0.6 points from last year and the highest third-quarter level in 10 years. Market share was 10.1 percent in September, which was its highest monthly share in eight years.
Higher volume at Volvo
Volvo reported a third-quarter pre-tax operating loss of $135 million, compared with a loss of $458 million a year ago.
The Swedish brand said the improvement was due to continued progress on cost reductions, favorable exchange rates, and a higher volume and mix.
Volvo's third-quarter revenue was $3 billion, up from $2.9 billion a year ago.
Last week, Ford confirmed China's Geely Holding Group Co. as its preferred bidder to purchase Volvo. Ford said last December that it wanted to sell Volvo, which it fully acquired for $6.4 billion in 1999.