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Ford Motor 3Q earnings beat consensus by 38 cents
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Ford Motor reports third-quarter earnings of $0.26 per share which is $0.38 better than the First Call consensus of ($0.12) Revenues fell 2.5% year over year to $30.9 bln vs the $28.31 bln consensus.
Market share increased 2.2 percentage points in the United States in the third quarter compared to last year as the Ford, Lincoln and Mercury brands all posted sales gains. Ford Europe's market share was 9.2 percent for the quarter, up 0.6 points from last year and the highest third-quarter level in 10 years. Market share was 10.1 percent in September; the highest monthly share in eight years. Record growth in China continued as Ford third quarter sales jumped 63 percent.
Worldwide Automotive revenue in the third quarter was $27.9 billion, up $100 million from a year ago. The increase is more than explained by favorable net pricing and higher volumes, primarily in North America, offset partially by unfavorable exchange. Total vehicle wholesales in the third quarter were 1,232,000, compared with 1,175,000 units a year ago.
“We now expect to return to a strong profit in 2011 and positive cash flow,” Chief Financial Officer Lewis Booth told reporters. “There are still some headwinds, particularly economic headwinds. What happens in the balance of the year will be a good economic indicator.”
Source Bloomberg.com
Gregory Menges is a founder of Boston Independent Advisors. Greg is a seasoned financial advisor with more than 15 years experience serving individuals, families, business owners, and company sponsored retirement plans. All securities offered through Investors Capital Corp., Member FINRA/SIPC -- Advisory Services offered through Investors Capital Advisory.
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