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VOL. 44 | NO. 43 | Friday, October 23, 2020

Ford posts better than expected 3Q profit as sales recover

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DETROIT (AP) — 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 says 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 between break even and $500 million in the fourth quarter.

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.

Automakers were expecting a tough third quarter because they didn't know how much demand and production would recover from the virus. But Ford saw its U.S. sales down only 5% for the period, with much of the decline from slower sales to large fleet buyers.

At the same time, Ford had its best quarter for pickup truck sales since 2005, and those carry a higher price tag than other vehicles. The company's average vehicle sales price was $45,599 for the quarter, up 8% from a year ago, according to the Edmunds.com auto pricing site. Ford also picked up a 5% increase in U.S. market share.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0