Ford Motor Company (NYSE; F) said today that during Q3 its sales, revenue and profits declined compared to the same period year-over-year. Net income of $1 billion was down a breathtaking -$1.2 billion from a year ago. Total Ford Motor adjusted pre-tax profit of $1.4 billion was down -$1.7 billion. Yes that’s with a B. Earnings per share at $0.24 were down -$0.31 from a year ago. Adjusted earnings per share at $0.26 were down -$0.26. In the strong North American market – Ford’s key segment – wholesale volume dropped -11% and revenue was down -8% from a year ago.
“We continue to have a strong balance sheet, with cash and liquidity levels above our targets. We also were pleased to provide shareholders with distributions of $600 million during the quarter, bringing our year-to-date distributions to $2.9 billion,” claimed Bob Shanks Executive Vice President & CFO. He gets the Pinocchio award from AutoInf0rmed.
Ford’s Automotive segment operating cash flow at $2 billion was down from -$4.8 billion from a year ago. Automotive pre-tax profit of $1.1 billion, dropped by -$1.7 billion. Automotive segment operating margin was just 3.3%. Ford said it continues to expect total company adjusted pre-tax profit to be about $10.2 billion for 2016.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
