10/26/2017, 1:29 PM (Source: TeleTrader)
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Ford posts 65% increase in Q3 profit

Ford Motor Company reported a 65% increase in adjusted pre-tax profit for the third quarter of this year at $2 billion compared to the same period last year. Earnings per share in the first full quarter of new CEO Jim Hackett rose to $0.39, exceeding analyst forecasts, on net income of $1.6 billion. 

"This quarter, we achieved more balanced results with improvements in growth, profitability, and cashflow," chief financial officer at Ford, Bob Shanks, said in his statement on the results, adding that the company improved its outlook. "Our results give us the confidence to tighten our full-year adjusted EPS guidance to the high end of the range, now at $1.75 to $1.85," his statement concluded. The rise in its North American pre-tax profit was driven by strong cost performance, the auto giant said in its financial update, while a record pre-tax profit in Asia was prompted by material cost reductions and lower structural costs. 

Shares of Ford rose 1.66% to $12.24 in premarket trading following the earnings report. 

Baha Breaking News (BBN) / JC