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Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

10/29/2020 7:30:00 AM

Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading.

on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading.The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/Files

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Ford CEO Jim Farley, who took over on Oct. 1, is tasked with completing the No. 2 U.S. automaker’s $11 billion restructuring begun under his predecessor, Jim Hackett, and has promised greater urgency.He has also said he is keen to expand Ford’s operations into related technology fields, including software, data, fleet management and electric vehicle charging.

Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected.

The company said it now anticipates better-than-expected fourth-quarter results, as well as a full-year pretax profit of between $600 million and $1.1 billion.Ford said in July that it expected a pretax profit of between $500 million and $1.5 billion in the third quarter and a loss for the fourth quarter as well as for the full year.

In a conference call on Wednesday, Farley said: “We haven’t fixed the issues that have held us back in our automotive business.” But he added that his leadership team has “a clear turnaround plan.”The automaker fully repaid $15 billion in revolving credit loans and ended the quarter with nearly $30 billion in cash and more than $45 billion of liquidity.

The company’s adjusted EBIT margin in the quarter was 9.7%, with a full-year target of 8%. Ford’s net margin in the period was 6.4%.Ford began building the redesigned F-150 and the new Mustang Mach-E and Bronco Sport this month. The new full-size truck goes on sale next month, and along with the commercial business is key to Ford’s growth strategy. [nL4N2GE34O] [nL1N2FL0MR]

Farley said electric vehicles, including battery-powered variants of the F-150 pickup and Transit van, were “fundamental” to the company’s future, including the Lincoln line and Ford’s commercial vehicle business.Ford shares were up 3.8% at $8.00 in extended trading, paring gains from an initial rise of 7% after hours.

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Credit Suisse analyst Dan Levy in an earnings note said, “We expect the stock to outperform near-term; indeed, we believe Jim Farley will drive incremental urgency and accountability at Ford.”“We saw much higher demand than we expected,” Chief Financial Officer John Lawler told reporters on the conference call. “We also saw higher net pricing, particularly in North America.”

Reporting by Ben Klayman and Paul Lienert in Detroit; Editing by Matthew Lewis Read more: Reuters Top News »

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And yet, somehow, they'll manage to find a way to dump more retirees off their pension plan and cut their employee's benefits. That's the Ford way. FirstOnRaceDay Ford give us another subcompact ST! The only way I would drive a Ford anything is if it were given to me no strings attached.

Ford blows away earnings expectations as consumers buy up trucks during pandemic Ford blows away earnings expectations as consumers buy up trucks during the pandemic. 7% GDP growth for the quarter....... Best ever..... 50% reduction in unemployment since April... Fastest recovery in history.... Coupled with the next quarter and the beginning distribution of the vaccine, the GDP for next fiscal year will be over 4% Profiteering during a pandemic? Why did so many need trucks? Cuz our lives are nightmares! But glad you made your 💰💰💰💰💰 layoff.. truck goes back

Ford beats on Q3 profit as car, truck sales rebound from coronavirus - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.

Ford sees full-year pretax profit, posts stronger than expected quarterly earnings Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading. Journalist from Ireland who works for RT calls Russian aggression in Ukraine (killing of 14000 people and partial occupation/annexation) 'a tragic war'. But, at the same time, he blames Kiev and NATO for provoking Russia. Nazis also thought that Jews are guilty of something. Wrong.

Ford, GM, FCA report earnings for the most vital quarter since 2009 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. nice Ford 👌👍

A Ford Model T With History Written All Over ItThis 1926 “Silver Streak” still has the graffiti from the young women who drove it on adventures from the New York World’s Fair to Henry Ford ’s front door. Highly recommend following TheNAJournal if you want legit non-partisan journalism. Lies!! In The Name of Allah Who is Most Beneficent and Merciful hum per drone attacks hon ya khudkash dmahke ya koi ur Attack hum Allah ka Farman har nafs ko maut ka maza chakna hea sucha pate hean InshAllah Baqi Wahdai b Suche Paien ge.

Ford sees full-year pretax profit, posts stronger than expected quarterly earnings Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading. Journalist from Ireland who works for RT calls Russian aggression in Ukraine (killing of 14000 people and partial occupation/annexation) 'a tragic war'. But, at the same time, he blames Kiev and NATO for provoking Russia. Nazis also thought that Jews are guilty of something. Wrong.