Earnings came to $0.40 per share, and sales in total were down by 1% to $32.1 billion. Thomson Reuters had estimates of $0.30 per share and $31.07 billion in sales.
Ford’s total liquidity position was $34.4 billion, an increase of $500 million from the second quarter. The company ended its third quarter with Automotive gross cash of $24.1 billion, exceeding debt by $9.9 billion. This net cash improvement was $1.8 billion year over year and up $400 million from the second quarter.
Ford Credit reported a pretax profit that was in line with its expectations at $393 million. Ford Credit now expects full year pretax profit of about $1.6 billion and total distributions to its parent of about $600 million. Ford Credit continues to project managed receivables at year’s end to be in the range of $85 billion to $90 billion.
For the third straight quarter, Ford North America’s pretax profit exceeded $2 billion, and its operating margin exceeded 10%. As far as why this was a North American quarter, Ford Europe’s results reflected unfavorable market factors and that included the lowest level of industry sales in almost 20 years.
As a reminder, the major markets are closed in the United States today.
JON C. OGG
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