Ford honks horn with $1.63B profit
Ford's third-quarter profit eased 1 per cent to $1.63 billion as European losses swamped record North American profits.
Ford Motor Co. said Tuesday its per-share net income was 41 cents, unchanged from the July-September period a year earlier. Before special items, it earned 40 cents, beating Wall Street's forecast of 30 cents, according to analysts polled by FactSet.
Ford's revenue fell 3 per cent to $32.1 billion as vehicle sales dropped in Europe and South America. The company exceeded Wall Street's revenue forecast of $31.5 billion largely because of North America, where revenue jumped 8 per cent to $19.5 billion thanks to higher pricing and strong sales of higher-margin trucks and SUVs.
Dearborn-based Ford earned a record $2.3 billion in North America. Chief Financial Officer Bob Shanks noted that this was the third quarter in a row that the company has made more than $2 billion in the region and reported an operating margin of 10 per cent or more. Ford's North American operating margin was 12 per cent in the third quarter, up from 8.6 per cent a year earlier.
"To me the story isn't just the results but the consistency of the results," he said.
Read more Business News
- Orchardists busy after rainfallPenticton / S. Okanagan
- Industrial zone floodedKelowna
- Smith Creek: fully containedWest Kelowna
- Ennis withdraws parole requestWest Kelowna
|QHR Technologies Inc||1.17||+0.02|
|Anavex Life Sciences||0.28||-0.045|
|Copper Mountain Mining||2.82||+0.06|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.19||+0.01|
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...