From the Windsor Star:
Ford makes record profit in 3Q of 2013
Ford Motor Co. said Thursday it earned a record third-quarter profit of $2.6 billion before taxes, up $426 million from the same period last year, thanks, in part, to rising vehicle sales in North America.
Automotive operating related cash flow was $1.6 billion, a third-quarter record, marking the 14th consecutive quarter of positive performance, the carmaker said. The company ended the third quarter with liquidity of $37.5 billion, an increase of $400 million compared with the end of the second quarter of 2013.
Net income dropped $359 million to $1.3 billion due to “special pre-tax charges” of $498 million, the automaker said. Those charges included costs associated with employee separations, primarily in Europe, as well as the company’s U.S. voluntary retirement buyout program.
Revenue rose 12 per cent to $36 billion.
“Ford’s record results in the third quarter show the strength of our One Ford plan around the world,” Alan Mulally, Ford president and CEO, said in a statement. “Working together, we remain committed to serving customers in all markets with a full family of vehicles, offering the very best quality, fuel efficiency, safety, smart design and value.”
As well as an assembly complex in Oakville, Ford operates two engine plants in Windsor. It employs approximately 6,000 people in Canada, while an additional 18,000 people are employed in the more than 400 Ford and Ford-Lincoln dealerships across the country, according to the company.