Ford Motor Co. logged a record pre-tax profit of $2.6 billion in the third quarter of 2013, beating its year-earlier result by $426 million. The American carmaker also posted combined profit in its three regions outside North America, logging big gains in South America and Asia Pacific Africa while narrowing its losses in Europe.
Ford chief financial officer Bob Shanks remarked that the carmaker managed to post four consecutive quarters of growth across all four regions as well as market share growth in all four regions. The carmaker saw its market share in Asia Pacific Africa surge to a record 3.7 percent, thanks to a 4.3-percent market share in China, where it is currently on a building spree and new product offensive. Ford also saw its market share in North America, Europe and South America gain some points.
The carmaker posted a 16-percent hike in global wholesale volume to 1.5 million units in the quarter and a 12-percent jump in revenues to $36 billion. Michael Razewski, a New York-based principal at Douglas C. Lane & Associates, remarked that Ford “isn’t necessarily a business that needs to be transformed anymore,” as the carmaker has done heavy lifting in North America and is working with issues in Europe while its growth strategy in China is in place.
The third-quarter gains have led Ford to revise upward its full-year 2013 financial guidance, with pre-tax profits expected to be higher than in 2012. The carmaker also expects its 2013 loss in Europe to be lower than in 2012, when it posted a $1.7-billion deficit. [source: Ford]