Boston, MA 10/25/2013 (wallstreetpr) – Ford Motor Company (NYSE:F), the second largest automaker in U.S. posted its 3Q13 financial results that has trounced all analyst’s expectations and once again proved that Ford is the best. With its huge profit in the last quarter, the automaker is expecting this year’s total profit to top previous year’s $8 billion and anticipating losing less money in Europe then the previous year.
Ford reported total adjusted earnings of 45 cents per share after excluding one-time items. Net income fell by 31 cents per share or $1.27 billion as a result of $500 million spent as special charges, including $250 million spent on Europe’s streamlining.
After a hiatus of more then 2 years, finally, the automaker giant posted a mutual profit in its four overseas regions, Africa, Asia Pacific, Europe and South America. This profit marks a new beginning for the company and it is foreseeing a brighter future in these regions.
Excluding the taxes, the automaker had a net profit of $159 million in South America, up from $9 million last year. In Africa and Asia Pacific, the earning tripled as compared to last year pushing the figure to $126 million. Ford made a $2.3 billion pretax profit in North America, comparable to last year.
Gary Bradshaw, Portfolio Manager with Hodges Capital Management in Dallas, that owns around 300,000 Ford shares, said that it seems like the company is continuing to execute. He further added that they are still using 11 year old cars that need some up gradation.
Earlier this year, Ford posted that it is expecting a global profit comparable to last year and total losses in Europe would be around $1.8 billion. The company lost around $1 billion in Europe within the first nine months of the year and spent extra $400 million for the reformation. Ford is is currently trading at $17.79.
