Ford Posts Strong Third-Quarter Earnings, Sees 2020 Profit
- North American demand for pickups powered profit surge
- Overseas markets remain a drag with losses in China and Europe
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Ford Motor Co., riding a wave of momentum from new models and new management, handily beat expectations with third-quarter earnings that outran the economic effects of the coronavirus pandemic.
Fueled by strong sales of pricey pickups, Ford posted adjusted earnings per share of 65 cents, well above the 19 cents analyst consensus forecast. Big profits in North America offset weakness overseas, allowing the company to revise its full-year forecast. It now expects to stay in the black this year, a reversal from an earlier outlook for its first annual loss in a decade.
Ford’s stock rose as much as 7.8% in postmarket trading after closing Wednesday at $7.70. The shares are down about 17% this year.