Ford Reports Best Third Quarter Ever
Even though Ford Motor Company had to deal with a $468 million loss in Europe, the company has reported some amazing profits for the third quarter. Ford reported an operating profit of $2.2 billion for the quarter, which is up from $1.9 billion from a year earlier. This is the best third quarter ever for the company. In North America, Ford earned $2.3 billion.
The company expects U.S. auto sales to hit 14.7 million this year. However Ford’s third quarter revenue fell 3% to $32.1 billion, but it is better than the $30.9 billion that was expected by analysts. The net income for the quarter was $1.6 billion.
Last week Ford announced three plants would be closed in Europe in order to cut costs by as much as $500 million. In the first 9 months of 2012, Ford had lost a little more than $1 billion and they expect to lose $3 billion in Europe over the next two years, including at least $1.5 billion this year. Ford earned $9 million in South American and $45 million in Asia Pacific and Africa.
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[Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry