UPDATE: Ford Posts Upbeat Q3 Profit

Ford Motor Co

reported a drop in its third-quarter profit. Ford's quarterly profit declined to $1.3 billion, or $0.31 per share, versus a year-ago profit of $1.6 billion, or $0.41 per share. Excluding one-time items, its pretax profit climbed to $0.45 from $0.40 per share. Its revenue gained to $36.0 billion from $32.1 billion. However, analysts were estimating earnings of $0.37 per share on revenue of $33.8 billion. For the full year, Ford now projects pretax profit to be higher than its profit in 2012. Ford shares climbed 4% to $18.22 in pre-market trading.