Ford just had its best third quarter ever, announcing a pre-tax operating profit of $2.2 billion and a net income of $1.6 billion.Remarkably, those numbers include Ford’s European operations, which suffered $1.5 billion in losses after auto sales hit a 20 year low.
The automaker shut down several plants and laid off thousands of workers in the UK and Belgium.
The record profit margin largely the result of a robust Ford North America, which had its most profitable quarter since at least 2000, when the region was first treated as a separate business unit.
In a press release, Ford CEO Alan Mulally said:
The Ford team delivered a best-ever third quarter, driven by record results in North America and the continued strength of Ford Credit. While we are facing near-term challenges in Europe, we are fully committed to transforming our business in Europe by moving decisively to match production to demand, improve revenue through new products and a stronger brand, improve our cost efficiencies and take advantage of opportunities to profitably grow our business.
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