Ford North America contributes 89% of third-quarter pretax profit

Article by Anita Panait, on October 29, 2013

North America accounted for 89% or $2.3 billion of the Ford's pretax profit in the third quarter of 2013, pegged at $2.6 billion. Despite that, Ford executives are happy that their operations in South America, Asia Pacific and Africa, and Europe, logged a combined profit for the quarter for the first time since the second quarter of 2011.

Ford chief financial officer Bob Shanks remarked last week that Ford's three other regions moving in the right direction is what everybody has been waiting to see. He remarked that while there is "a lot more work to do," the progress is exciting.  Ford is particularly bullish on its operations in the Asia Pacific and Africa region, where it logged record market share (3.7%) and a record pretax profit in the third quarter of 2013 ($126 million).

Ford also grabbed a 4.3-percent market share in China, where the carmaker is in the midst of a building spree and new product offensive. The carmaker posted $159 million in pretax profit in South America in the third quarter of 2013, compared to just $9 million in 2012, and logged a 9.5-percent market share. The carmaker also managed to narrow its third-quarter losses in the economically battered Europe from $468 million in 2012 to $228 million this year, a 51-percent improvement.

Ford is currently restructuring its European operations based on the plan that turned around its business in the Americas. The move entails shutting down two sites in the United Kingdom and one in Belgium. Shanks remarked that GM has reached a level of stability in Europe, where signs indicate a very modest growth over the near term.

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