By Jeff Gilbert
DETROIT (WWJ) Ford posts a $1.9 billion dollar third quarter profit, boosted by record earnings here in North America.
Strong sales of the new F-150 pickup, as well as several crossover vehicles, pushed Ford’s earnings here in its North American home market to $2.7 billion dollars.
Ford made a small profit in its Asia Pacific operations, and cut its losses in other parts of the world.
The pre-tax profit of $2.7 billion made it the strongest third quarter in Ford history.
“We are delivering a breakthrough year,” said Ford CEO Mark Fields.
Ford had promised that a slower earnings pace earlier in the year, would be more than off-set by a strong performance in the second half, as new products like the F-150, Edge, Explorer and Lincoln MKX reached the market.
Ford increased its global market share in the third quarter to 7.6 percent.
“We had outstanding results this quarter, including record cash flow, net income more than doubling, and success in our business units,” said Ford Chief Financial Officer Bob Shanks. “We are on track for year over year improvements and will meet our guidance for 2015.”
Ford expects its full year pre-tax profits to be in the 8.5 to 9.5 billion dollar range.