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Ford Posts Record Third-Quarter Operating Profit
Ford Motor Co.'s pretax profit in the third quarter jumped 20% to a record $2.6 billion (€1.9 billion) as revenue climbed 12% to $36 billion (€26 billion).
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Ford Motor Co.'s pretax profit in the third quarter jumped 20% to a record $2.6 billion (€1.9 billion) as revenue climbed 12% to $36 billion (€26 billion).
Net earnings fell 24% to $1.3 billion (€942 million) because of $498 million (€361 million) in special charges.
In Europe, Ford cut its pretax loss 51% to $228 million (€165 million) in July-September. The company's unit sales in the region rose 5% to 310,000 vehicles, and revenue grew 12% to $6.5 billion (€4.7 billion).
A robust North American market accounted for most of Ford's improved results. Unit sales climbed 13% to 744,000 units, and revenue rose 12% to $21.7 billion (€15.7 billion). Pretax profit slipped 1% to $2.3 billion (€1.7 billion).
In South America, revenue and unit sales each grew 22% to $2.8 billion (€2 billion) and 143,000 vehicles, respectively. Quarterly pretax results for the region surged to $159 million (€115 million) from less than $9 million (€7 million) in 2012.
Ford, a late starter in China, says a 35% jump in sales volume there drove a 35% increase to 348,000 units in the Asia Pacific Africa region. Pretax profits climbed to $126 million (€91 million) from $45 million (€33 million).
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