Mubasher: Ford achieved a higher-than-expected third-quarter net profit as demand for cars and trucks recovered from coronavirus shutdowns, Business Insider reported.
The automaker has made $2.39 billion, or 60 cents per share, as factories edged back to normal after the pandemic forced them to be close earlier this year.
Net income was more than five times what it was a year earlier. Now, the company expects positive pretax income for the full year between break even and $500 million in the fourth quarter (Q4).
Excluding one-time items, Ford made 65 cents per share, beating Wall Street estimates of 20 cents. The company also took in revenue of $37.5 billion, slightly lower than estimates of $35.73 billion from analysts polled by FactSet.
New CFO John Lawler said Ford saw strong top-line pricing as it raised sales of high-profit pickup trucks, commercial vans, and SUVs, but it also had cost reductions that flowed from the second quarter into the third.