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Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

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Ford Motor Co on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading.

FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo

Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier. Ford said in July that it expected a pretax profit of between $500 million and $1.5 billion in the third quarter and a loss for the fourth quarter as well as for the full year.

The company’s adjusted EBIT margin in the quarter was 9.7%, with a full-year target of 8%. Ford’s net margin in the period was 6.4%.

 

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