Ford Motor Company (NYSE:F) reports increase in its quarter earnings
Denver, CO, 07/25/2013 (Avauncer.com) – Shares of Ford Motor Company (NYSE:F) rose 2.54% to close at $17.37 in its last previous session. This was almost close to the higher end of its 52-week price range of $8.82 to $17.67.
The surge was a result of the company announcing a 50% increase in its EPS to 45 cents in 2Q2013, excluding all special items. The company has outperformed Zacks estimate of 37 cents. Net income too increased by 52.4% to $1.8 billion.
The company has been able to outperform due to its improving business in all markets, local as well as abroad. The company has already started gaining momentum in North America and Asia- Pacific region in its previous quarter, but the company fared well in European and South American businesses too in this quarter. This was after the management took strides at improving the overall market conditions of the company, and introduced the One Ford plan, which now seems to have finally worked its charm.
The company managed to increase its revenues by 14.4% to $38.1 billion. This was possible after the company achieved remarkable success in its wholesale volumes in the automotive business, accompanied by higher and improved market share in all regions, local as well as abroad.
The company was also able to perform in its other sectors, with its financial services arm, Ford Credit too reporting an increase of 10.5% in its revenue to $2.1 billion. Ford Credit is however optimistic that its pre-tax profit will be the same as it was in 2012, despite declining market condition. However, the company remains confident of paying $200 million to its parent company.
The company is positive about its future, which is evident from the fact that company has resorted to adding workforce to its current strength of 2,200 people. The target is 3,000 people, which could help the company attain the desired goals.