Net income at Ford Motor was reported at $1.63 billion for this most recent quarter, according to a report issued by Bloomberg Business Week. This works out to earnings per share of 41 cents, which is almost even with the same quarter last year when Ford Motor reported net income of $1.65 billion, or roughly the same 41 cents per share
North American sales led the way to profitability and kept Ford Motor on track for a good year overall. Profits in North American were $2.3 billion, easily exceeding the $1.6 billion in profit for the third quarter of 2011. Sales were up considerably and margins were better than expected.
Ford Motor Company has now reported 14 consecutive quarters of profits. This is far better than its American automotive manufacturing competitors and better than most of the imports.
However, there is one black cloud hovering over the otherwise positive financial news and that is Europe. Overseas sales of Ford vehicles have been falling and losses accumulating. The European division reported losses of $468 million for the quarter, exceeding the same quarter of 2011 when losses totaled $306 million. The mounting red ink has prompted Ford Motor Company CEO Alan Mulally to propose the closure of three European plants in an effort to reorganize and turn the division around.
Financial markets are closed today following the destruction of Hurricane Sandy. Ford Motor Company’s quarterly results exceeded analysts’ estimates, so Ford executives and other stakeholders are hoping for a favorable reaction from Wall Street when trading resumes
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