Ford_News
10-30-2012, 03:07 PM
Filed under: Ford (http://www.autoblog.com/category/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2012/10/fordresultsq3.jpg (http://www.mnfords.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#continued)
Now that the bell has rung to signal the end of Q3 2012, Ford (http://autoblog.com/ford) is standing in the ring with both hands in the air like Rocky: The company's overall profit of $1.63 billion for the last three months is nearly equal to its entire 2011 total of $1.94B. Those numbers come thank to the record-breaking pretax operating profit in North America of $2.33B on revenues of $19.5B, the third straight quarter that The Blue Oval has crossed the two-billion mark. Customers are paying more, on average, for Ford vehicles, another contributor to the company maintaining double-digit profit margins on its products.
True, there are a couple of bruises. Losses in Europe continue, with The Continent suffering an even larger decline in pretax revenues to $468 million, and European revenue has dropped to $5.8 billion compared to $7.8 billion a year ago. South America is another sore spot, with exchange rates and currency restrictions being blamed for a 23-percent decline in revenue to $2.3 billion and a screeching 97-percent shrinkage in pretax operating profit to $9 million, down from $276 million in the same quarter last year. Global revenue is also down three percent to $32.1 billion.
But North America's numbers have kept the tide rising, even with the rise in the company's North American tax rate to 30 percent, a 20-percent jump over last year. Ford's prognosis for the rest of the year is for strong results and even greater production - 1.5 million in Q4 versus 1.4 million in Q3 - even with expanded costs to market the new models it is introducing as well as continued challenges in Europe (http://www.autoblog.com/2012/10/25/ford-closing-two-more-plants-in-europe-cutting-6-200-jobs/). That means great news for two of our three domestic automakers, following the Chrysler (http://autoblog.com/chrysler) announcement of an 80-percent jump in Q3 profit to $381 million. General Motors (http://autoblog.com/gm) will report tomorrow. For the inner CFO in you, Ford's number-filled press release is below (http://www.mnfords.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#continued).Continue reading Ford up $1.6B in Q3 thanks to record profits in North America (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/)
Ford up $1.6B in Q3 thanks to record profits in North America (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 30 Oct 2012 15:20:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/) | Email this (http://www.autoblog.com/forward/20365143/) | Comments (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#comments)
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http://www.blogcdn.com/www.autoblog.com/media/2012/10/fordresultsq3.jpg (http://www.mnfords.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#continued)
Now that the bell has rung to signal the end of Q3 2012, Ford (http://autoblog.com/ford) is standing in the ring with both hands in the air like Rocky: The company's overall profit of $1.63 billion for the last three months is nearly equal to its entire 2011 total of $1.94B. Those numbers come thank to the record-breaking pretax operating profit in North America of $2.33B on revenues of $19.5B, the third straight quarter that The Blue Oval has crossed the two-billion mark. Customers are paying more, on average, for Ford vehicles, another contributor to the company maintaining double-digit profit margins on its products.
True, there are a couple of bruises. Losses in Europe continue, with The Continent suffering an even larger decline in pretax revenues to $468 million, and European revenue has dropped to $5.8 billion compared to $7.8 billion a year ago. South America is another sore spot, with exchange rates and currency restrictions being blamed for a 23-percent decline in revenue to $2.3 billion and a screeching 97-percent shrinkage in pretax operating profit to $9 million, down from $276 million in the same quarter last year. Global revenue is also down three percent to $32.1 billion.
But North America's numbers have kept the tide rising, even with the rise in the company's North American tax rate to 30 percent, a 20-percent jump over last year. Ford's prognosis for the rest of the year is for strong results and even greater production - 1.5 million in Q4 versus 1.4 million in Q3 - even with expanded costs to market the new models it is introducing as well as continued challenges in Europe (http://www.autoblog.com/2012/10/25/ford-closing-two-more-plants-in-europe-cutting-6-200-jobs/). That means great news for two of our three domestic automakers, following the Chrysler (http://autoblog.com/chrysler) announcement of an 80-percent jump in Q3 profit to $381 million. General Motors (http://autoblog.com/gm) will report tomorrow. For the inner CFO in you, Ford's number-filled press release is below (http://www.mnfords.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#continued).Continue reading Ford up $1.6B in Q3 thanks to record profits in North America (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/)
Ford up $1.6B in Q3 thanks to record profits in North America (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 30 Oct 2012 15:20:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/) | Email this (http://www.autoblog.com/forward/20365143/) | Comments (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/#comments)
More... (http://www.autoblog.com/2012/10/30/ford-up-1-6b-in-q3-thanks-to-record-profits-in-north-america/)