Ford hits this year's profit peak
Source: Bloomberg News |
October 27, 2011, Thursday
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Print Edition
Print Edition
FORD, selling more highprofit sport-utility vehicles, reported third-quarter net income of US$1.65 billion, the second-highest in its 108-year history.
It was Ford's 10th consecutive profitable quarter, just below the previous third-quarter record of US$1.69 billion, set last year. The second-largest US automaker had an adjusted profit of 48 cents a share in last year's third quarter.
Excluding one-time items, the profit was 46 cents a share, beating the 44-cents average of 17 analysts' estimates compiled by Bloomberg News.
Chief Executive Alan Mulally has revived the automaker by focusing on fuel economy, including SUVs such as the redesigned Ford Explorer, that has boosted its efficiency by about 30 percent.
Explorer sales have more than doubled this year and Ford's overall SUV sales rose 29 percent in the third quarter, according to the automaker. SUVs and pickups accounted for 68 percent of Ford's US sales during the period.
Brian Johnson, an analyst with Barclays Capital, said: "North American truck production was a lot richer than we anticipated.
Even with some cost headwinds, they are making good money. Ford's cost and engineering efficiencies are paying off."
Ford's third-quarter sales rose 14 percent to US$33.1 billion as Ford boosted North American production by 12 percent. The average of 11 analysts' estimate was revenue of US$30.5 billion.
It was Ford's 10th consecutive profitable quarter, just below the previous third-quarter record of US$1.69 billion, set last year. The second-largest US automaker had an adjusted profit of 48 cents a share in last year's third quarter.
Excluding one-time items, the profit was 46 cents a share, beating the 44-cents average of 17 analysts' estimates compiled by Bloomberg News.
Chief Executive Alan Mulally has revived the automaker by focusing on fuel economy, including SUVs such as the redesigned Ford Explorer, that has boosted its efficiency by about 30 percent.
Explorer sales have more than doubled this year and Ford's overall SUV sales rose 29 percent in the third quarter, according to the automaker. SUVs and pickups accounted for 68 percent of Ford's US sales during the period.
Brian Johnson, an analyst with Barclays Capital, said: "North American truck production was a lot richer than we anticipated.
Even with some cost headwinds, they are making good money. Ford's cost and engineering efficiencies are paying off."
Ford's third-quarter sales rose 14 percent to US$33.1 billion as Ford boosted North American production by 12 percent. The average of 11 analysts' estimate was revenue of US$30.5 billion.
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