2004 Better Than Expected for Ford

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Ford says it will earn more money than predicted this year.

The company says part of the reason for the rosier forecast is the continued strong performance by its financial services business.

The announcement comes after the automaker announced more than 1100 job cuts at its Jaguar unit in England.

Ford raised its third-quarter earnings guidance by ten cents to a range of ten to 15 cents per share. Full-year earnings will be in the range of a $1.90 to $2.00 per share. The previous guidance was a $1.80 to $1.90 per share.

Ford also says it's pulling out of Formula One racing.

The cuts are expected to result in a pre-tax charge of about $450 million.