It's been a rocky year for the automotive industry, with rising interest rates, economic uncertainty, and chip shortages that have made inventories difficult. While Ford Motor Company's (NYSE: F) cross-town rival, General Motors (NYSE: GM), largely impressed Wall Street with strong third-quarter results, Ford's third quarter was a wider range of good, bad, and ugly. Let's dig in.

As investors sift through Ford's third-quarter results, one highlight sure to catch your eye is the improving cash flow. Ford's third-quarter operating cash flow was $3.8 billion, and adjusted free cash flow checked in at $3.6 billion, driven by the company's strong automotive cash generation.

The improved cash flow gave management confidence to boost its full-year adjusted free cash flow target to between $9.5 billion and $10 billion, a sharp increase from the prior $5.5 billion to $6.5 billion estimates.

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Source Fool.com