World News – US – Ford Third Quarter Profit Rises $ 2 Billion As SUV Bet, Pickups Pay

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Ford Motor Co Stocks rebounded Wednesday night after the automaker surprised Wall Street with a $ 2 billion jump in quarterly profits, saying its focus on pickup trucks and SUVs had boosted its fruits and that he had taken advantage of « stronger » demand in low inventory

Ford
F,
-277%
said he was making $ 2.4 billion, or 60 cents per share, in the third quarter, compared to $ 400 million, or 11 cents per share, in the quarter last year

Adjusted for one-time items, the automaker earned 65 cents per share, up from 34 cents per share a year ago

Analysts polled by FactSet expected adjusted earnings of 20 cents per share on sales of $ 35.7 billion

Company is ‘Robust’ Third Quarter Reflected Ford’s Best Execution and Benefits of the Company’s Decision Two Years Ago to Reallocate Capital to Franchise Strengths like pickup trucks, SUVs, utility vehicles and iconic passenger vehicles, phasing out unprofitable sedans, Ford said in a statement

â ???? The company made the most of vehicle demand and stronger-than-expected net prices, with limited inventories following virus-related plant closures in the first half of the year It said

These were Ford’s first quarterly results under the leadership of CEO Jim Farley, who became the company’s top executive in October 1

– We haven’t suddenly solved the problems in our automotive business, but we have a clear turnaround plan to make it happen, â ?? Farley said in the statement – This work is in progress and we are making progress…

Former CEO Jim Hackett announced his retirement in August after leading Ford since May 2017

Under Hackett, Ford took one of the biggest bets in its history when, less than a year into its tenure, the company announced it was virtually giving up sedans in the Northeast market. American, abandoning cars such as the Fiesta and the Taurus , to focus almost exclusively on the most profitable SUVs, pickup trucks and iconic cars like the Mustang

The move was controversial at the time and there had been indications it had paid off Ford said earlier this month it had its best third quarter of pickup truck sales since 2005 The company said third quarter sales down 49%, with retail sales down 2%

The big beating was also partly due to Ford’s credit unit, which the company said had its strongest performance in 15 yearsa????

The company said it stays on track with the fourth quarter launches of a new 2021 F-150 pickup, a fully electric Mustang Mach-E and the Bronco Sport

Ford said it ended the quarter with about $ 30 billion in cash and total liquidity of about $ 45 billion after fully repaying some $ 15 billion in short-term credit taken at the start of the pandemic

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The automaker said it expects adjusted fourth-quarter earnings before interest and taxes to be between breakeven and a loss of $ 500 million On this basis, it expects to end 2020 in the dark based on Adjusted EBIT

Ford shares have lost around 17% this year, contrasting with gains of around 2% for the S&P 500 index
SPX,
-352%
and compared to losses of over 6% for the Dow Jones Industrial Average
DJIA,
-343%

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Ford Motor Company, Profits, NYSE: F, Jim Farley

News from around the world – US – Ford’s third quarter profit increases $ 2 billion as the bet on SUVs, vans bring in



SOURCE: https://www.w24news.com/news/world-news-us-ford-third-quarter-profit-rises-2-billion-as-suv-bet-pickups-pay/?remotepost=479177

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