Ford reported a significant drop in third-quarter profit, again dragged down by heavy losses in in its electric vehicle (EV) division. Although the result was slightly ahead of consensus expectations the company’s share price fell in response to its lowering of the full-year forecast.
Group revenue rose 5.5% to US$46.2bn, as wholesale volumes rose by 0.8% thanks to a solid rise at Ford Pro and the sales mix remaining favourable, again thanks to Ford Pro. Reported operating profit fell by 22.1% to US$880m. Net non-recurring charges amounted to US$(1.4)bn compared with US$(0.5)bn a year earlier. The biggest item was the charge of US$1.0bn in connection with the cancellation of a planned EV model.
