Ford’s 3Q Net Profit Falls 37 Percent on Slowing Sales
DEARBORN, Mich. (AP) – Ford Motor Co.’s net profit fell 37 percent in the third quarter as sales slowed in the U.S. and China. The company says it made $991 million from July through September, or 25 cents per share. Revenue was up 3 percent to $37.67 billion. Excluding one-time items, Ford says it made 29 cents per share, beating Wall Street expectations. Analysts polled by FactSet expected 28 cents per share. Revenue fell slightly short of estimates
U.S. Brands Falter in Consumer Reports Auto Reliability Survey
DETROIT (AP) – U.S. auto companies such as General Motors, Tesla and Ford faltered this year in Consumer Reports’ reliability rankings as readers reported more mechanical trouble with their vehicles. The magazine said all U.S.-based brands fell to the bottom half of 29 brands in the rankings. At the top were Lexus, Toyota, Mazda, Subaru and Kia.
FCC: Company Created Fake Accounts, Misused Funds to Buy Jet
TOLEDO, Ohio (AP) – Federal regulators have proposed a $63 million fine against an Ohio company they say bought a yacht and jet with money meant to help low-income people get phone and internet service. The Federal Communications Commission says the company created fake accounts using the identities of dead people to get government reimbursements. The company says it told the FCC two years ago about compliance and reporting issues and has repaid nearly all of the money.
Domestic Shipping Drives UPS Profit in 3Q
ATLANTA (AP) – Domestic shipping drove revenue higher at UPS and third-quarter profits rose 20 percent, but shares are down before the opening bell with U.S. markets falling again.
The Atlanta package delivery service reported a profit Wednesday of $1.51 billion, or $1.73 per share. Earnings, adjusted for non-recurring costs, were $1.82 per share, which is in line with expectations, according to a survey by Zacks Investment Research.
Revenue was $17.44 billion, about what industry analysts were expecting. Domestic revenue rose 8.1 percent, while international revenue was up 3 percent, or up 5 percent, on a currency-neutral basis. Supply chain and freight segment revenue grew 12 percent.
UPS expects full-year earnings in the range of $7.03 to $7.37 per share. Analysts surveyed by FactSet expect $7.25 per share, on average.