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Posts Tagged ‘ford q3 2012’

Ford Delivers $1.6 Bil Profit Despite European Slump

Maker tops Wall Street forecast.

by on Oct.30, 2012

Ford CEO Alan Mulally hails the maker's best-ever third quarter -- despite ongoing problems in Europe.

Despite a European slump likely to cost it more than $1.5 billion in red ink this year, Ford handily topped Wall Street forecasts with a $2.2 billion pre-tax operating profit and $1.63 billion in net earnings.

The after-tax figure was a whisker short of the $1.65 billion earned during the third quarter of 2011 and nearly matches the $1.94 billion Ford reported in net earnings for all of last year.

The maker scored better than expected despite taking a few serious hits, including heavier than expected losses in Europe and a series of reports that faulted Ford’s recent quality.  The Detroit maker took a particularly sharp fall in the latest Consumer Reports automotive reliability index, released yesterday.

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Nonetheless, CEO Alan Mulally put an understandably positive spin on the third-quarter news. “”The Ford team delivered a best-ever third quarter, driven by record results in North America and the continued strength of Ford Credit,” proclaimed the former Boeing executive.

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