Ford increases full-year guidance after strong 3Q - New York News

Ford increases full-year guidance after strong 3Q

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DEARBORN, Mich. (AP) -

Fox 2's Murray Feldman talks to Ford CFO Bob Shanks about the third quarter numbers.  Shanks also talks about this concern over the politics in Washington DC.

Ford is raising its full-year profit guidance after a record third quarter that saw improving sales worldwide.

Ford earned $1.3 billion, or 31 cents per share, down 14 percent from a year ago.

But without one-time items, including a $250 million charge for restructuring in Europe, Ford Motor Co. reported a pretax profit of $2.6 billion, or 45 cents per share. That was a record for the third quarter.

Revenue rose 12 percent to $36 billion.

Ford beat Wall Street's 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.

 

 

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