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October 26, 2011 10:00 AM, EDT

Ford Reports $1.6 Billion 3Q Profit

Ford Motor Co. said Wednesday its third-quarter earnings slipped 2% to $1.6 billion.

Earning dipped to 41 cents per share, from 43 cents a year ago, while revenue rose 14% to $33.1 billion, the automaker said.

In the past few week’s Ford’s workers approved a new four-year contract with the United Auto Workers that will increase the company's labor costs by less than 1% per year, the Associated Press reported.

Ford expects to add 5,750 new workers in the U.S. under the contract, but they will make lower wages than its longtime factory workers, AP said.