Filed under: Ford, Earnings/Financials
http://o.aolcdn.com/dims-shared/dims3/GLOB/crop/2536x1712+210+0/resize/628x417!/format/jpg/quality/85/http://hss-prod.hss.aol.com/hss/storage/adam/aef9762e1ea72440d86f03b5d5733812/9d4caccc990642688eadad633fb5e619.jpeg
Ford took in $2.6 billion in pre-tax profits in the third quarter of the year, making for a record trio of months that saw the Blue Oval’s year-over-year earnings increase by $426 million. The earnings are being attributed not just to improvements in North American sales, but sales around the globe.
Revenue was up 12 percent, to $36 billion, although net income took a hit, dropping $359 million to $1.3 billion. Ford was dinged with $498 million in pre-tax charges, which are being blamed for the drop in net income.
The news has boosted Ford’s hopes for full-year results, bumping it’s total profits up past $8 billion, according to Automotive News](http://www.autonews.com/article/20131024/OEM/131029953/ford-posts-record-pre-tax-profit-of-2-6-billion-for-q3#axzz2idqIGtDP). The Dearborn, MI-based manufacturer is still expecting a loss in Europe, although it’s forecasted less than the $1.73 billion it burned in 2012. In fact, according to CFO Bob Shanks, Ford’s European losses dropped by 51 percent year-over year, a huge improvement for the brand.
“We’re encouraged from a number of prospectives. The company continues to grow in wholesale volumes, revenue and market share gain,” Shanks said in a statement. Scroll down for the full press release from Ford.Continue reading Ford posts record pre-tax Q3 profit of $2.6B
Ford posts record pre-tax Q3 profit of $2.6B originally appeared on Autoblog on Thu, 24 Oct 2013 13:28:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Commentshttp://feeds.feedburner.com/~ff/weblogsinc/autoblog?i=X0TrMMSJHbw:G7o-EjEqhsM:wF9xT3WuBAs http://feeds.feedburner.com/~ff/weblogsinc/autoblog?i=X0TrMMSJHbw:G7o-EjEqhsM:V_sGLiPBpWU
http://feeds.feedburner.com/~r/weblogsinc/autoblog/~4/X0TrMMSJHbw