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GMO Global - Ford's 3Q Profit Beats Expectations.

GMO Global - Ford has announced a record third quarter with earnings of $2.2 billion.

An announcement by GMO Global to investors at a meeting reportedly noted that Ford Motor Co. saw an over 8% jump in share price after announcing earnings of 40 cents per share. The Michigan company was able to overcome growing losses in Europe with a strong domestic performance.

Ford's European unit saw pre tax losses of $406 million, compared to losses of $306 million for the same period of the previous year. Ford's forecast for the total loss for it's European unit is $1.5 billion, with a similar forecast for next year. Ford is planning to cut 13% of its European workforce, amounting to some 6,200 employees.

This was overcome with North american revenues of $6.5 billion for the quarter, which is larger than the entire revenues of the previous year. GMO Global allegedly remarked that a spokesman for Ford credited the jump in revenue on its strong lineup of vehicles and brisk sales.

South American sales were less impressive with pre-tax earnings of $9 million. This is considerably less however than the $276 million for the same period of the previous year. Asian sales were also strong, with earnings of $45 million comparing favorable with the $43 million loss for the third quarter of last year.

GMO Global appear to believe that the largest US auto manufacturer, General Motors, saw their share price climb 9.5% after exceeding general market estimates. Leaving one time items, GM's earnings were 93 cents per share. It was that largest gain in share price by GM since their 2010 IPO.

Categories: Business

Tags: GMO Global, GMOGlobal

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