Ford Motor (F) posted third quarter results which narrowly missed expectations but showed the automaker is doing extremely well in the United States. Here in the U.S., Ford was the number one selling brand and its F-150 sales hit a nine-year high. The automaker posted third quarter profits of $0.45 a share, excluding one-time items, that was a penny short of forecasts. The shortfall was due to the company paying a 33 percent rate versus 32 percent. On the top line, auto sales came in at $35.8 billion, slightly higher than forecasts and about nine percent above the same period last year. Ford CFO Bob Shanks said over the next 12 months, emerging markets will continue to be a challenge and he believes South America has not hit bottom yet. In China, the automakers market share was unchanged from a year ago. One bright spot, Ford’s Lincoln brand saw sales climb 15 percent from a year ago, making it the brand’s best quarter in seven years. Ford and the UAW are set to begin contract negotiations soon and Shanks said the automaker made provisions for any salary changes or bonuses at the beginning of the year. Looking ahead to 2016, Shanks expects the F-150 sales momentum to continue. TheStreet’s Ruben Ramirez has details from Wall Street.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
