Thursday, October 24, 2013

Ford boosts Outlook for Q3 profit beats estimates

DETROIT, Oct 24 Reuters) - Ford Motor Co boosted its full-year global earnings and margin Outlook on Thursday, benefiting from an improved prognosis in Europe and better than expected results in the third quarter.

The number 2 of the U.S. automaker expects to lose its pre-tax earnings of the previous year's $8 billion above and less money in Europe now. Previously predicted its 2013 Ford global profit and Europe losses 2012 levels would just be.

Ford his vehicle saw, to stabilize prices in the third quarter in Europe, said Chief Financial Officer Bob Shanks reporters, adding that the improvement progress in its European restructuring displayed.

Automotive Europe sales start to see "very, very modest growth" in the near future, said Shanks.

Ford's overhaul Europe modeled after CEO Alan Mulally "One Ford" strategy, which helped the company heavy losses in North America, to undo, where it is still the bulk of its profits.

In the third quarter, Ford reported a combined profit in its three overseas regions: Asia-Pacific and Africa, Europe and South America - the first time in more than two years Ford posted a profit in the regions outside of North America.

Third quarter net profit fell a little more than a fifth to $1.27 billion, or 31 cents per share as a result of almost 500 million $ in special charges, including $250 million for restructuring Europe issued.

In the third quarter rose 12 percent to $36 billion.

But excluding the non-recurring effects, the second-largest U.S. automaker reported adjusted earnings of 45 cents per share. That was better than the 38 cents expected on average by analysts, according to Thomson Reuters I/B/E/S.

Ford scored a North American pretax profit of $2.3 billion in the quarter, little changed from the previous year. In South America, the automaker had a pre-tax profit of $159 million, up sharply from $9 million in the last year.

The automaker reduced its losses in Europe to $228 million in the third quarter of nearly $470 million in a year. In Asia-Pacific and Africa Ford earned $126 million, nearly three times last year.

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