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October 26, 2010 1:30 PM, EDT

Ford Posts Record Third-Quarter Profit

Ford Motor Co. Tuesday reported its best third-quarter profit on record, becoming the world’s most profitable automaker, Bloomberg reported.

The company, which makes light- and medium-duty trucks in addition to cars, posted net income of $1.69 billion, topping its previous third-quarter high of $1.13 billion, set in 1997.

Excluding some items, its profit was 48 cents a share. Its third-quarter 2009 net income was $997 million, or an adjusted 26 cents per share.

Sales fell 4.3% to $29 billion as the company boosted North American production 16% to 570,000 cars and trucks, Bloomberg reported. Excluding last year’s revenue from Volvo cars, which Ford has since sold, sales rose $1.7 billion.

Ford said its fourth-quarter production will rise to 1.35 million globally, about 89,000 more than in the third quarter.

It will produce about 590,000 cars and trucks in North America in the fourth quarter — 20,000 more vehicles than it announced in August, Bloomberg reported.