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Ford Net Income Drops 22 Percent for Third Quarter

Restructuring charges, European losses offset strong North America vehicle sales.

by on Oct.24, 2013

Despite strong vehicle sales, Ford reported a drop in third quarter earnings of 22% to $1.3 billion.

Strong vehicles sales in North America had Ford Motor Co. poised for a record-setting third quarter profit, but they were offset by losses in Europe and restructuring charges, the company reported.

Ford’s net income dropped 22% to $1.3 billion or 31 cents per share after special charges of nearly $498 million due to restructuring in Europe and North America and a loss by the company’s European operations.

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The automaker reported a record third quarter 2013 pre-tax profit of $2.6 billion, which was $426 million higher than a year ago. The increase reflects continued strong performance in North America and a combined profit from the regions outside North America. In addition, Ford Credit remained profitable. (more…)

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.

(more…)