Ford_News
10-24-2013, 11:31 AM
Filed under: Ford (http://www.autoblog.com/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
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Ford (http://www.autoblog.com/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 (http://www.mnfords.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/#continued) for the full press release from Ford.Continue reading Ford posts record pre-tax Q3 profit of $2.6B (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/)
Ford posts record pre-tax Q3 profit of $2.6B (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/) originally appeared on Autoblog (http://www.autoblog.com) on Thu, 24 Oct 2013 13:28:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
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Ford (http://www.autoblog.com/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 (http://www.mnfords.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/#continued) for the full press release from Ford.Continue reading Ford posts record pre-tax Q3 profit of $2.6B (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/)
Ford posts record pre-tax Q3 profit of $2.6B (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/) originally appeared on Autoblog (http://www.autoblog.com) on Thu, 24 Oct 2013 13:28:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/) | Email this (http://www.autoblog.com/forward/20753101/) | Comments (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/#comments)
More... (http://www.autoblog.com/2013/10/24/ford-posts-record-pre-tax-q3-profit-of-26b/)