Ford Motor Company Announces 2013 Q3 Profit of $2.6 Billion
Ford Motor Company’s 2013 Q3 financial report is packed full of good news with the crown jewel being the pre-tax operating profit of $2.6 billion US dollars, an increase of $426 million over the same three months in 2012. That figure makes 2013 Q3 the 17th consecutive quarter with profitability and on the year, Ford has a 9-month pre-tax profit figure of $7.3 billion – a cool billion better than the first 9 months of 2012. This massive pre-tax figure has allowed Ford Motor Company to claim a new record for profit in the third quarter in the automotive sector.
"Ford's record results in the third quarter show the strength of our One Ford plan around the world," said Alan Mulally, Ford president and CEO. "Working together, we remain committed to serving customers in all markets with a full family of vehicles, offering the very best quality, fuel efficiency, safety, smart design and value."
This $2.6 billion pre-tax profit allowed Ford to also post a 2013 Q3 net income figure of $1.3 billion. That figure is down $359 million but the poor economic climate in Europe resulting in a very slow sales period in those regions is at fault for the bulk of the drop in net income. On the year, Ford Motor Company sits with $4.1 billion of net income on the books for 2013.
Ford Motor Company also posted a record third quarter operating cash flow figure of $1.6 billion, marking the 14th consecutive quarter where Ford has seen positive operating related cash flow. This means that Ford hasn’t posted a decline in operating cash flow since the first quarter of 2012.
The $2.6 billion dollar 2013 Q3 pre-tax profit resulted in a third quarter earnings per share of 45 cents – up 5 cents from the same period in 2012. Ford paid roughly $400 million in dividends in 2013 Q3.
"North America continues to achieve strong profits and we saw significantly improved results outside North America," said Bob Shanks, executive vice president and chief financial officer. "We substantially reduced our losses in Europe, set a record third quarter profit in Asia Pacific Africa and saw a $150 million improvement in South America."
In the North American market, Ford Motor Company posted a pre-tax profit of $2 billion or more for the 6th time in the last 7 quarters, dating back to 2011.