Australia markets open in 6 hours 44 minutes
  • ALL ORDS

    6,855.50
    +83.50 (+1.23%)
     
  • AUD/USD

    0.7350
    +0.0063 (+0.87%)
     
  • ASX 200

    6,644.10
    +82.50 (+1.26%)
     
  • OIL

    45.11
    +2.05 (+4.76%)
     
  • GOLD

    1,805.10
    -32.70 (-1.78%)
     
  • BTC-AUD

    26,287.73
    +993.10 (+3.93%)
     
  • CMC Crypto 200

    382.94
    +13.19 (+3.57%)
     

Ford posts better than expected 3Q profit

Tom Krisher
·1-min read

Ford Motor Co. has posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovers from coronavirus shutdowns and the company sells more high-margin trucks.

The car maker said on Wednesday it made $US2.39 billion ($A3.39 billion), or 60 cents per share, as factories edged back to normal after the pandemic forced them to close earlier in the year.

Net income was more than five times what it was a year ago.

The company says it now expects positive pre-tax income for the full year between break even and $US500 million in the fourth quarter.

Excluding one-time items, Ford made 65 cents per share, trouncing Wall Street estimates of 20 cents.

The company also took in revenue of $US37.5 billion, slightly below estimates of $35.73 billion from analysts polled by FactSet.

New Chief Financial Officer John Lawler said Ford expects fourth-quarter pretax income to run from break even to a $US500 million loss but it expects to have positive pre-tax income for the full year.