Ford expects European profit to come in 2015

City A.M. Reporter
FORD Motors boosted its full-year global profit outlook yesterday as its European picture brightened and stronger overseas demand sparked better-than-expected third-quarter results.

The US automaker now expects 2013 pre-tax profit to top last year’s $8bn and losses in Europe to be less than in 2012. Finance chief Bob Shanks said Ford sees the European unit being profitable in 2015. Ford said previously its global profit would be equal to 2012 and losses in Europe would be about $1.8bn.

Ford’s third-quarter net income fell by a little more than one-fifth to $1.27bn, or 31 cents per share, due to nearly $500m in special charges, including $250m spent on restructuring Europe.

Excluding one-time items, Ford posted adjusted third quarter earnings of 45 cents per share.

Also during the call, Mulally said he would “be pleased” to fulfil his commitment to stay at Ford until at least the end of 2014. Whether he leaves earlier than planned has been the subject of much debate over the last two months.

He has been rumoured as a CEO candidate at Microsoft, Ford’s partner on its Sync and MyFord Touch vehicle infotainment systems.