Ford's Appeal Improves for Investors
GM reported a better-than-expected third-quarter profit last Wednesday Oct. 30, but compared to Ford's third-quarter numbers, GM was trumped.
Ford reported on Oct. 24, that the company delivered record third-quarter 2013 pretax profit of $2.6 billion, reflecting continued strong performance in North America and a combined profit from the regions outside North America. In addition, the company's financial arm, Ford Credit, remained solidly profitable.
Total company third-quarter pretax profit of $2.6 billion was $426 million higher than a year ago. Third-quarter earnings per share of 45 cents was 5 cents per share higher than a year ago.
By comparison, GM's third-quarter net income attributable to common shareholders declined to $757 million, or 45 cents a share compared to $1.48 billion, or 89 cents a share, in the year-ago quarter.
"Ford's record results in the third quarter show the strength of our One Ford plan around the world," said Alan Mulally, Ford president and CEO. "Working together, we remain committed to serving customers in all markets with a full family of vehicles, offering the very best quality, fuel efficiency, safety, smart design and value."
Ford has a lot to celebrate so far in 2013, including its top-line growth with wholesale volume and total company revenue up 16% and 12%, respectively, compared with a year ago. These are very impressive results. Its growth was supported by year-over-year market share gains in all regions.