Ford’s president believes there is a market opportunity right now where the company is growing again.
The US vehicle manufacturer Ford registered an attributed net profit of 1,509 million dollars (1,289 million euros at the current exchange rate) in the first nine months of 2020, a 12.2% decrease in the comparison with the previous year, according to data published by the company.
This setback in its earnings until September is due to the impact on its business of the coronavirus pandemic, which caused a drop in global registrations, due to the confinement and the closure of dealerships.
The president and CEO of the company, Jim Farley, highlighted that the evolution of the company in the third quarter improved thanks to the recovery of the market and the strategy carried out by Ford aimed at maximizing the most profitable models. Thus, the manager pointed out that there is a market opportunity at this time in which the company is growing again, for which it will have to continue offering products and services that customers demand.
The turnover between January and September stood at 91,192 million dollars (77,941 million euros), a 21.5% decrease. Revenues from the Automotive division fell 22.6%, to 82,669 million dollars (70,657 million euros).
In the first three quarters of the current year, Ford posted a negative operating result of $ 1.966 million (1.68 billion euros) compared to earnings of $ 1.031 million (881 million euros) a year earlier.
In the third quarter of the year, the Michigan-based company posted an attributable net profit of $ 2,385 million (2,038 million euros), representing a strong improvement of 461% in the year-on-year comparison.
Between July and September, the corporation’s income stood at 37,501 million dollars (32,052 million euros), 1.3% more, while its operating profit was 2,351 million dollars (2,009 million euros), compared with the ‘red numbers’ of 261 million dollars (223 million euros) the previous year.
For the last quarter of the year, Ford expects its adjusted operating result to be between ‘break even’ and a negative figure of 500 million dollars (427 million euros), although it anticipates a positive figure for the whole of 2020.