Ford shares slip on earnings miss

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Ford delivered quarterly earnings and revenue that missed analysts' expectations on Tuesday.

The American automaker posted third-quarter earnings of 45 cents per share, up from 24 cents per share in the year-earlier period.

Revenue rose to $35.80 billion from $32.80 billion a year ago.

Analysts expected quarterly earnings of 46 cents per share on revenue of $35.07 billion, according to Thomson Reuters.

The carmaker's stock slipped more than 2.5 percent following the release. Click here to track Ford's shares.

"The Ford team delivered an outstanding quarter — with record third quarter profit, best quarter ever for North America, higher wholesales, higher revenue, higher market share and improved margin," Mark Fields, Ford president and CEO said in the earnings release.

Ford's revenue in North America was $23.70 billion, well above the year-earlier period's total of $3.8 billion.

Shares of Ford are up more than 13 percent over the past year, after the company topped analyst estimates in the second quarter, citing North American sales led by its popular F-150 pickup truck.

Ford's earnings come as the auto industry is in the midst of an up-cycle. Strong consumer demand, easy credit and generous incentives helped push auto industry sales up 15.8 percent year over year in September, according to Reuters.

U.S. auto sales for September hit 18.17 million vehicles, according to research firm Autodata. Ford competitor General Motors beat analyst estimates last week on earnings from trucks and improved profit margins in China.

Read More Auto sales can go even higher? Yes, say some

—Reuters and CNBC's Zack Guzman contributed to this report.

Correction: This article has been updated to reflect that Ford missed expectations on both earnings and revenues.

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