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Ford posts record pre-tax Q3 profit of $2.6B

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Ford Tender Offer (** FILE ** In this Dec. 28, 2008 file photo, the company logo shines off the grille of an unsold 2009 F-150 P

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. 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.

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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.

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