DETROIT -- Ford Motor Co. posted a stronger-than-expected third-quarter net profit as demand for cars and trucks recovered from coronavirus shutdowns and the company sold more high-margin trucks.
The automaker said Wednesday that it made $2.39 billion, or 60 cents per share, as factories edged back to normal after the pandemic forced them to be close earlier in the year.
Net income was more than five times what it was a year ago. The company says it now expects positive pretax income for the full year, but a tough fourth quarter of between break-even and a $500 million loss. The fourth-quarter results will be hit by high costs for rolling out the new F-150 pickup, Mustang Mach E electric SUV and the Bronco Sport small SUV.
Excluding one-time items, Ford made 65 cents per share, trouncing Wall Street estimates of 20 cents. The company also took in revenue of $37.5 billion, slightly below estimates of $35.73 billion from analysts polled by FactSet.
The company reported an outsize pretax profit margin of 9.7% for the quarter, with the North America division's margin at 12.5%.