Ford Motor Co. saw its stock price jump 9.9 percent Thursday, the day after issuing its third-quarter earnings report.

"I'm puzzled over why Ford stock is taking its biggest jump in years," said John McElroy, a respected industry observer and host of Autoline.tv. "I'm guessing what the analysts like are Ford's margins in North America. This shows its strategy of exiting passenger cars sure looks like a smart one."

Early in the day, the stock saw the biggest single-day percentage gain since August 2011, according to Marketwatch. The per-share price closed the day at $8.99.

The one-day gain hardly erases years of suffering for the stock. It has spent much of the last two weeks at a nine-year low, dipping as low as $8.19, under the $8.89 closing on Sept. 1, 2009.

"We're not standing still," Ford CEO Jim Hackett told investment analysts after the market closed on Wednesday. "We are building a more resilient high-performing company."

He added, "We have to keep our foot on the throat of our performance.”

The Dearborn-based carmaker announced a net profit of $1 billion in the third quarter, down 37 percent from a year earlier.

Bob Shanks, Ford chief financial officer, did not highlight President Donald Trump's trade war or steel prices in the media review Wednesday but did respond to questions and confirmed that tariff-related issues have had a net impact of about $1 billion in business costs. Ford executives said they hope the tariff issues related to steel and aluminum are resolved soon.

Ford profits continue to be driven by North America, with higher profit margins on the Ford F-Series, Ford Expedition and Lincoln Navigator.

Revenue from sales in North America grew 6.7 percent to $22.3 billion, an increase of $1.4 billion over 2017. This reflects fewer car sales, implementing the strategy that Hackett, a former office furniture executive, announced earlier this year — focusing on pickups and SUVs.

More Ford:

Ford mired in drama as profit sinks, yet 'family' keeps faith

Ford and Volkswagen flirting with relationship possibilities

The $100K 2018 Lincoln Navigator: 'Like driving a La-Z-Boy down the freeway'

Ford's revenue worldwide increased 3 percent to $37.6 billion during the third quarter and its earnings before interest and taxes dropped 27 percent to $1.7 billion. Net profit after taxes and interest was $1 billion.

Ford saw gains in India and strength in Ford Credit. Cash flow is "higher and stronger" with $23.7 billion in cash and $34.7 billion in total liquidity.

"I know you want to hear more. We are fully committed to sharing details as soon as we can," Hackett said on the earnings call.

Hackett emphasized the hiring of a new Ford China CEO and establishing the China business as a stand-alone operation to speed up decision-making for products in the world's largest car market.

Jeremy Acevedo, data strategy manager at Edmunds, wasn't surprised by a market lift after earnings beat analyst expectations — Ford earned 29 cents per share, topping the 28 cents per share average analyst consensus. That was down from 44 cents per share a year earlier.

"The company made a pointed effort to address some of the biggest criticisms that it has received recently," he said. "While there remain lingering questions surrounding the company's restructuring plan, Jim Hackett finally provided a decent road map for the next couple of years, which should get investors to hang on just a bit longer until fresh products can reinvigorate their aging portfolio."

Hackett told analysts the company would offer updates in coming weeks and months.

He told analysts the company will share more about Ford's "global redesign" as well as upcoming "strategic partnerships" that may include Volkswagen.

Garrett Nelson, senior equity analyst at CFRA Research covering the auto industry, noted that Ford Credit posted its best results in more than seven years. "Restructuring details remain scant, but we like Ford's enhanced focus on higher-margin pickup trucks and SUVs."

Skeptics continue monitoring the Ford's financial landscape.

"The market reflects a combination of hard-core financial fundamentals and confidence in leadership. Ford's top management reassured the market that it is staying on top of matters and has working to ensure the company's future viability," said Marick Masters, business professor at Wayne State University. "The devil is in the detail and execution. Ford may be delivering the message that Eisenhower once conveyed: Plans don't matter as much as planning. The key is knowing your business and where you want to go."

Ford spokesman Brad Carroll said, "The entire company is moving with a sense of urgency and taking proactive steps to redesign and restructure the business. We will capitalize on our strengths, bolster underperforming products and regions and selectively and smartly disposition where we cannot make an appropriate return. We’re confident that over time, the market will continue to recognize our progress."

Contact Phoebe Wall Howard: phoward@freepress.com or 313-222-6512. Follow her on Twitter @phoebesaid