EmailStory Stocks®
Archive
Last Update: 26-Oct-11 11:10 ET
Ford Reports In-line Third Quarter Earnings Results
Ford (F $11.65 -0.78) reported third quarter pre-tax operating profit of $0.46 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.46.
Auto sector revenues rose 16.5% year/year to $31.1 billion versus the $30.03 bln consensus.
Based on the latest outlook for industry volumes, Ford now forecasts the U.S. full year industry volume at 13 million units, compared with a range of 13 million to 13.5 million units previously. For the 19 markets Ford tracks in Europe, Ford now forecasts the industry volume at 15.2 million units, compared with a previous range of 14.8 million to 15.3 million units. As reported with first and second quarter results, quality remains mixed due to some near-term issues in North America, which Ford is addressing.
The company also said it is on track to achieve quality improvements in its international operations. The company expects its full year U.S. total market share, its U.S. retail share of the retail market and European market share to be equal to or improved from 2010. In the first nine months, Ford's U.S. total market share was 16.5 percent, its U.S. retail share of the retail market was 13.9 percent and European market share was 8.3 percent. "We remain well on track to deliver improved full year pre-tax operating profit and Automotive operating-related cash flow, consistent with our guidance."
Auto sector revenues rose 16.5% year/year to $31.1 billion versus the $30.03 bln consensus.
Based on the latest outlook for industry volumes, Ford now forecasts the U.S. full year industry volume at 13 million units, compared with a range of 13 million to 13.5 million units previously. For the 19 markets Ford tracks in Europe, Ford now forecasts the industry volume at 15.2 million units, compared with a previous range of 14.8 million to 15.3 million units. As reported with first and second quarter results, quality remains mixed due to some near-term issues in North America, which Ford is addressing.
The company also said it is on track to achieve quality improvements in its international operations. The company expects its full year U.S. total market share, its U.S. retail share of the retail market and European market share to be equal to or improved from 2010. In the first nine months, Ford's U.S. total market share was 16.5 percent, its U.S. retail share of the retail market was 13.9 percent and European market share was 8.3 percent. "We remain well on track to deliver improved full year pre-tax operating profit and Automotive operating-related cash flow, consistent with our guidance."
