facebook
twitter
rss
account
search
search
 

Ford adjusts after posting $1.6B profit

Oct. 26, 2011 at 4:42 PM   |   Comments

| License Photo
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.

Topics: Alan Mulally
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
2
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
3
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
4
Gas ball in Ukraine's court, Kremlin says Gas ball in Ukraine's court, Kremlin says
5
New oil pipeline online for Permian shale New oil pipeline online for Permian shale
Trending News
x
Feedback