Ford Q3 Revenue Up 12%
Ford Motor Company (NYSE: F) reported on Thursday that fiscal third quarter net income fell 22% due pension and employee-buyout expenses; however, shares edged higher as the automobile maker posted a record third quarter operating profit and a revenue growth of 12%, underpinning the fact that its operations are improving across the globe.
The automobile maker said posted a pretax profit of $2.6 billion or 45 cents a share while analysts polled by Thomson Reuters had expected 38 cents a share.
Ford also lifted its outlook on multiple metrics such as operating margin, the sales-volume in China, results in Europe and South America and full-year operating profit.
For the latest period, Ford reported an operating profit of $1.683 per vehicle. The automobile maker now anticipates surpassing its pretax operating profit of $8 billion, posted in the fiscal year 2012.
Revenue climbed 12% to $36 billion while pretax operating profit came in at $2.6 billion or 45 cents a share, beating analysts’ consensus estimate of 38 cents a share, according to a poll conducted by Thomson Reuters.
For the quarter, the company’s onetime charges totaled $581 million, which included employee buyout costs and pension buyouts.
Commenting over the results, Ford’s Chief Financial Officer, Bob Shanks said in a conference call, “It’s a really, really great quarter. Especially in growth. We think we are starting to see it in Asia-Pacific where more of the top line growth is flowing to the bottom line. Europe is making great progress and clearly get us to a profit by 2015.”