Ford Motor Co. reported lower third-quarter earnings after accounting for hedging against commodity price increases that did not materialize.

The No. 2 U.S. automaker on Wednesday posted its 10th consecutive quarterly profit, extending a recovery expected to clear the way for a resumption of dividends.

But Ford Chief Financial Officer Lewis Booth told reporters the company would not be addressing the timing of reinstituting a dividend on Wednesday.

Ford posted net income of $1.65 billion, or 41 cents per share, down from $1.69 billion, or 43 cents per share, a year earlier.

Revenue rose to $33.1 billion from $29 billion.

Excluding one-time items. Ford earned 46 cents per share. On average, analysts forecast 44 cents, according to Thomson Reuters I/B/E/S. Analysts expected revenue of $29.9 billion.

(Reporting by Bernie Woodall and Ben Klayman, writing by Kevin Krolicki; editing by John Wallace)