Ford posts $2.6 billion in pre-tax profit in 3rd quarter of 2013

Article by Anita Panait, on October 25, 2013

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]

If you liked the article, share on:

Topics: ford, profit

Comments

Recommended

We’re willing to bet that the Bentley Bentayga is not the first thing that comes to mind for most people who are into off-roading and outdoor activities. It just doesn’t...
by - November 23, 2017
The other day, it was confirmed that Volvo will finally bring the XC40 to US soil, where it will first make an appearance at the 2017 Los Angeles Auto Show....
by - November 23, 2017
There is no question that the new BMW M5 (F90) high performance sports sedan is more powerful, faster and more enticing than the previous model. But for interested customers in...
by - November 23, 2017
Following the Tesla Roadster’s electrifying revelation on Thursday, Musk’s highly ambitious goals have skyrocketed when he tweeted about his future plans for the new sports car. Well, kind of. The...
by - November 23, 2017
Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries