Outrunning the economic effects of the coronavirus pandemic, is Ford Motor Co., that posted stronger-than-expected third quarter net profit as demand for vehicles recovered from coronavirus shutdowns and the company got to sell more high-margin trucks.
The company said on 29 October 2020 that it churned out $2.39 billion or 60 cents per share as plants edged back to normal after the lockdowns and shutdowns due to the pandemic.
Net income was more than five times than what it was a year ago. The company says it now expects positive pretax income for the full year between break even and $500 million in the fourth quarter.
The company reported an outsized pretax profit margin of 9.7% for the quarter, with margin of 12.5% for North America.
Meanwhile, Ford’s shares rose 4.4% in after-hours trading to $8.05.