UPDATE: Ford Q3 Profit Beats Street View
Ford Motor Co (NYSE: F) reported better-than-expected third-quarter earnings.
The Dearborn, Michigan-based company posted quarterly net income of $835 million or $0.21 per share, down from $1.27 billion, or $0.31 per share, in the year-ago period. Its pretax profit slipped to $1.18 billion, or $0.24 per share, versus $2.6 billion, or $0.45 per share.
Its revenue dropped to $34.9 billion from $35.8 billion. Analysts were expecting a profit of $0.22 per share on revenue of $33.66 billion.
North America's pretax profit slipped to $1.41 billion from $2.29 billion, while Asia-Pacific's pretax profit dropped to $44 million from $116 million.
South America posted a loss of $170 million, while Europe posted a loss of $439 million. Ford's Middle East division posted a loss of $15 million, versus a year-ago loss of $25 million.
Ford Motor Credit's pretax profit climbed to $498 million, compared to $363 million.
The company ended the quarter with $22.8 billion in gross cash. In the quarter, Ford declared a dividend of $0.125 per share.
“During the third quarter, we continued to introduce an unprecedented number of new vehicles and invest heavily in the new products and technologies that will deliver strong profitable growth beginning next year,” said Mark Fields, president and CEO.
Ford shares gained 1.60% to $14.63 in pre-market trading.
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