|
Ford
posted net quarterly profit of $1.89 billion, or 47 cents per
share. Analysts estimated profit of 37 cents per share,
according to Thomson Reuters I/B/E/S.
Ford shares were up 2.7 percent to $14.95 before the market
opened.
Operating profit totaled nearly $2.6 billion in North America, a
company record for any quarter, and was linked to better pricing
on new product launches, said Bob Shanks, Ford's chief financial
officer.
Ford maintained its full-year 2015 forecast of an operating
profit of between $8.5 billion and $9.5 billion.
Ford also maintained a forecast of North American profit margin
between 8.5 percent and 9.5 percent. Shanks said he now expects
the margin to end the year at the high end of that range.
Operating profit in Asia Pacific rose 21 percent to $192 million
despite a dip in industry sales in China, the world's biggest
auto market.
"As this has been happening, we have been adjusting our
production all along" due to the lower demand, said Shanks.
Ford lowered its 2015 forecast for industry sales in China to 23
million to 24 million vehicles, from 24.5 million to 26.5
million at the start of the year. Sales in China in 2014 were
about 24 million. Shanks said Ford sees China sales of 30
million by the end of the decade.
Ford's quarterly revenue of $37.3 billion beat expectations of
$35.34 billion.
Shanks said the company also achieved stronger pricing in North
America because of the rollout of new versions of several
models, including the F-150 truck and the Edge and Explorer
SUVs.
(Editing by Jeremy Gaunt and Jeffrey Benkoe)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
