Chrysler and Ford Profits Up – Car Pro News

Ford Motor Co. posted a $1.63 billion third-quarter net profit, nearly matching its year-earlier total, as record high earnings in North America more than offset mounting losses in Europe.
Pretax operating profit rose 11 percent to a record $2.16 billion from $1.94 billion a year earlier, the company said in a statement today.
Pretax operating profit in North America surged 50 percent to $2.33 billion — a record for any quarter since 2000, when Ford began tracking the region as separate business unit. The pre-tax loss in Europe widened to $468 million from $306 million in the third quarter of 2011.
“The Ford team delivered a best-ever third quarter, driven by record results in North America and the continued strength of Ford Credit,” CEO Alan Mulally said in the statement. “While we are facing near-term challenges in Europe, we are fully committed to transforming our business in Europe.”
Chrysler Group LLC reported a net profit of $381 million for the third quarter of 2012 on Monday, up 80 percent from the $212 million profit the company reported for the same period a year ago.
It was further proof that the Auburn Hills automaker’s recovery is continuing, and should help offset the losses that its Italian parent company, Fiat SpA, is expected to announce on Tuesday.
“The third-quarter financial results that we released today represent another pillar in the platform of accountability that we are building,” Fiat-Chrysler CEO Sergio Marchionne said in an email to employees Monday, a copy of which was obtained by The Detroit News.
“Our competitors are not showing signs of vulnerability, and we will have to continue fighting for our share. We are going in the right direction, and I simply ask you to keep faith in Chrysler and in each other and keep working to shape this company and our collective future exactly as we all want it to be.”
Monday’s results mark the third consecutive quarter of solid profitability for the company, which means the 26,000 members of the United Auto Workers employed in Chrysler’s factories are one step closer to receiving the rest of their signing bonus as stipulated by the union’s 2011 agreement with the automaker.


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