Ford sees full-year pretax profit, posts stronger than expected quarterly earnings

  • 10/29/2020
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DETROIT (Reuters) - Ford Motor Co F.N on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year pretax profit instead of a loss, boosting shares in after-hours trading.Ford CEO Jim Farley, who took over on Oct. 1, is tasked with completing the No. 2 U.S. automaker’s $11 billion restructuring begun under his predecessor, Jim Hackett, and has promised greater urgency. He has also said he is keen to expand Ford’s operations into related technology fields, including software, data, fleet management and electric vehicle charging. Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier. Excluding items, Ford’s profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected. The company said it now anticipates better-than-expected fourth-quarter results, as well as a full-year pretax profit of between $600 million and $1.1 billion

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