{"id":100199,"date":"2020-10-29T11:30:35","date_gmt":"2020-10-29T08:30:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ford-shares-jump-after-strong-3q-profits\/"},"modified":"2020-10-29T11:30:35","modified_gmt":"2020-10-29T08:30:35","slug":"ford-shares-jump-after-strong-3q-profits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ford-shares-jump-after-strong-3q-profits\/","title":{"rendered":"#Ford shares jump after strong 3Q profits"},"content":{"rendered":"

“#Ford shares jump after strong 3Q profits<\/strong>”<\/p>\n

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\n Ford shares rose after it reported better-than-expected quarterly profits on higher US sales of pickups and other large vehicles
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Ford reported a big jump in third-quarter profits Wednesday, pointing to strong sales in North America where large vehicles commanded generous prices amid tight inventories.<\/p>\n

Shares of the automaker jumped in after-hours trading following report that profits surged to $2.4 billion, more than five times the earnings in the year-ago period.<\/p>\n

Revenues rose one percent to $37.5 billion.<\/p>\n

Ford scored higher US sales in the quarter for its popular F-Series<\/a> pickup truck and the smaller pickup model the Ranger, as well as for the revamped Explorer sport-utility vehicle.<\/p>\n

Stronger-than-expected vehicle demand and good pricing, with inventories limited following coronavirus shutdowns that pinched production help boost results, the company said.<\/p>\n

Pre-tax profit margins for North America were by far Ford’s strongest globally at 12.5 percent, an improvement over the year-ago period.<\/p>\n

Newly-installed Chief Executive Jim Farley, who took the top job on October 1, said the company was on a good track after a difficult run that included manufacturing stumbles and questions over strategy.<\/p>\n

“We haven’t suddenly fixed the issues in our automotive business, but we have a clear turnaround plan to get that done,” he said.<\/p>\n

Ford shares rose 2.8 percent to $7.70 in after-hours trading.\n <\/p>\n\n

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Big restructuring costs hit Ford earnings\n <\/p><\/div>\n

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\n \u00a9 2020 AFP<\/p>\n

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Citation<\/strong>:
\n Ford shares jump after strong 3Q profits (2020, October 29)
\n retrieved 29 October 2020
\n from https:\/\/techxplore.com\/news<\/a>\/2020-10-ford-strong-3q-profits.html<\/p>\n

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