Ford's operations in South America, Asia Pacific and Africa and Europe finally posted its first combined quarterly profit since the second quarter of 2011. Ford chief financial officer Bob Shanks remarked last week that other businesses aside from North America are now "moving in the right direction." He said that although Ford has a lot of work to do, "the progress is exciting."
The carmaker still posted losses in Europe in the third quarter of 2013 at $228 million, but it was around 51 percent less than losses a year earlier at $468 million -- an indication of Ford's improving state in the region. Ford is currently implementing a resructuring of its operations in Europe, modeled on a plan that turned around its American business and entails shutting down two sites in the United Kingdom and one in Belgium.
Shanks remarked that the overall European market has reached a level of stability, saying that there are indications of a very modest growth over the near term. Ford also had a strong performance in the Asia Pacific and Africa region, logging record market share and record third quarter pretax profit of $126 million. The carmaker saw its market share in the Asia Pacific and Africa surge to a record 3.7 percent, boosted by a 4.3 percent share in China.
Ford also logged a very large jump in third quarter pretax in South America to $159 million from $9 million a year ago, growing its market share to 9.5 percent. North Americas, meanwhile, remains the main source of Ford's income, accounting for 89 percent, or $2.3 billion of the carmaker's $2.6 billion pretax profit in the third quarter of 2013.