Ford Motor Co. says its net income dropped 1 percent to $1.63 billion in the third quarter as European losses swamped record North American profits.

According to the AP, without one-time items, including charges for dealer closures, the company earned 40 cents per share. That far exceeded Wall Street's forecast of 30 cents, according to analysts polled by FactSet.

Ford's revenue fell 3 percent to $32.1 billion, beating Wall Street's forecast of $31.5 billion. Vehicle sales fell slightly to 1.3 million.

The company earned a record $2.3 billion in North America, thanks in part to higher pricing. But it lost $468 million in Europe, where sales have fallen sharply.