Ford Motor Company (NYSE:F) released the earnings results from its most recently completed quarter before opening bell this morning, posting adjusted earnings of 24 cents per share on $35.8 billion in revenue. Analysts had been expecting earnings of 19 cents per share on $33.2 billion in revenue. In the same quarter last year, the automaker posted earnings per share of 45 cents on $36 billion in revenue.

Ford Motor Company Beats Earnings Estimates

Reported earnings per share were 21 cents. Ford’s adjusted earnings include $160 million in special items in connection with its restructuring efforts in Europe.

Key metrics from Ford’s earnings report

Ford reported a 2% decline in company volume and a 3% decline in wholesale volume year over year. The automaker increased its market share in Europe and set new records for market share in the Asia Pacific region and China. Ford also said it was profitable in North America.

Ford Credit’s performance improved since last year. The automaker’s operating cash flow was -$700 million, and its automotive gross cash was $22.8 billion at the end of the quarter. That’s $7.9 billion higher than the automaker’s debt.

Ford’s earnings by geography

In North America, Ford saw a 3% decline in total automotive volume due to a negative impact in dealer stock in connection with vehicle launches and also shortages in supplier parts. In South America, the automaker’s wholesale volume plunged by 21%, while its revenue fell by 17% in the quarter due to a 700,000 decline from last year’s seasonally adjusted annual rate and the weakening Brazilian economy. Market share in South America fell to 8.8%.

In Europe, the automaker’s volume rose 6%, while its revenue climbed 7%. The volume increase is due to a 700,000 unit increase in seasonally adjusted annual rate. Lower volumes in Turkey and Russia partially offset the increase.

The Middle East and Africa recorded a $15 million loss for the quarter, although that was a year over year improvement. Wholesale volume fell 9%, while revenue slumped by 5%. Wholesale volume in Asia Pacific rose 5%, while net revenue increased by 3%, excluding China. In China, wholesale volume rose 10%. Ford management cited an increase in market share and industry volume for the improvement in the Asia Pacific region.

Ford maintains guidance

The automaker is leaving the guidance it gave at its Investor Day on Sept. 29 unchanged. The guide was for approximately $6 billion in profits, excluding items, and “strong growth and financial performance” next year.