Ford Increases Full-Year Guidance After Strong 3Q

Earns Ford (FILE - This Oct. 25, 2011, file photo, shows a Ford logo,on the tailgate of a pick-up truck, and on a Ford dealershi
Charles Krupa/AP
DEARBORN, Mich. -- Ford is raising its full-year profit guidance after a strong third quarter that saw improving sales worldwide, including in past trouble spots like Europe and South America.

Ford (F) earned $1.3 billion, or 31 cents a share, down 14 percent from a year ago. The decline was due to special items, including a $250 million charge for restructuring in Europe. Without those, Dearborn-based Ford Motor Co. reported a pretax profit of $2.6 billion, or 45 cents a share. That was a record for the third quarter.

Revenue rose 12 percent to $36 billion. Ford sold 1.5 million cars and trucks in the quarter, up 16 percent. Shares rose in premarket trading.

The company increased sales and gained market share in each of its regions thanks to an influx of new vehicles.

"The breadth, the depth and the quality of the growth is very encouraging," Ford's Chief Financial Officer Bob Shanks told reporters Thursday morning.

In Asia, where sales of the new Kuga and EcoSport SUVs have been strong, Ford's pretax profit more than doubled to $126 million.
In South America, where Ford had been plagued by currency issues and dated products, the new Ranger pickup and revamped Fiesta helped increase pretax profits by $150 million to $159 million compared with a year ago.

In North America, Ford earned $2.3 billion, the same as a year ago. Ford's share of the market rose, but that was offset by lower prices and discounting on the F-Series pickup, which is now older than rival trucks from General Motors (GM) and Chrysler.

In Europe, Ford's pretax losses were halved to $228 million. The company said it now expects to lose less than the $1.75 billion it lost in Europe a year ago.

Ford beat Wall Street expectations. Analysts polled by FactSet forecast earnings of 37 cents on revenue of $33.6 billion.

Ford previously said it expected its full-year pretax profit to be equal to or higher than its $8 billion profit in 2012. Now it expects to exceed that. Ford also expects lower European losses.

Ford shares rose 66 cents, or 3.7 percent, to $17.52 in premarket trading.

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With the exception of the 2003-2005 6.0 Powerstroke.....which was a disaster until they got their head bolts straightened out in 2006....Ford trucks trucks have earned their long-held no. 1 spot. I absolutely love my 2000 F-350 crew cab Powerstroke 7.3 liter.

October 24 2013 at 9:24 PM Report abuse +1 rate up rate down Reply

Great Quality cars and Trucks.... PERIOD !

October 24 2013 at 12:51 PM Report abuse +2 rate up rate down Reply

And without the tax payers money ,no bailout for Ford and they are doing great ,that is what happened when you built a quality product !

October 24 2013 at 9:21 AM Report abuse +4 rate up rate down Reply
1 reply to lacabrera's comment

Quality product? I purchased a used 1994 Lincoln Continental Executive in 2006 with a 3.8 L engine, and it had a host of issues. The air suspension ride no longer functioned, the air conditioning didn\'t work, the tranny was slipping, leaked coolant (from worn heater hose & defective head gasket), trunk latch was defective, the cruise control was inoperative, passenger air bag fault, busted power window assembly and a myriad of electrical faults. As to the electrical faults, they were so numerous that I had to disconnect the chime. In short, it was a very cheaply constructed car which didn\'t deserve the Lincoln brand.

October 24 2013 at 10:32 AM Report abuse -2 rate up rate down Reply
3 replies to rgkarasiewicz's comment