Ford adjusts after posting $1.6B profit

Oct. 26, 2011 at 4:42 PM
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DEARBORN, Mich., Oct. 26 (UPI) -- Ford Motor Co. said Wednesday its North American production target for the fourth quarter was 660,000 vehicles, up 15,000 from a previous company forecast.

It also said it would make 1.37 million vehicles in total production, and that it made $1.6 billion in profits in the third quarter, 46 cents a share, the Detroit Free Press reported.

Sales for the quarter rose 14.1 percent to $33.1 billion with global sales for the quarter reaching 1,346,000.

In the third quarter of 2010, Ford sold 1,253,000 vehicles.

Chief Executive Officer Alan Mulally said, "We delivered solid results despite an uncertain business environment by continuing to serve our customers around the world with best-in-class vehicles."

Ford shares fell 5.9 percent to $11.68 per share Wednesday as Ford's guidance for fourth quarter production was lower than what analysts expected.

Morgan Stanley analyst Adam Jonas predicted Ford's production in the fourth quarter would reach 1.44 million vehicles.

"The gap versus our number is entirely due to a lower outlook in South America, Asia Pacific and Europe," Jonas wrote in an advisory note.

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