CHICAGO, (Xinhua) -- Ford Motor Co. posted its pre-tax profit at 1.2 billion dollars in the third quarter of this year, down 1.4 billion dollars or 54 percent from the same period last year, the Detroit News reported Friday.
The Dearborn-based U.S. auto giant attributed the sharp fall in profit in the third quarter to one-time recall costs and low product volume, as well as to economic troubles overseas.
Ford said on its website that all of Ford's third quarter automotive pre-tax results were lower than a year ago, except for in its Middle East and Africa region.
Meanwhile, the automaker posted third quarter earnings per share at 24 cents, down from 45 cents per share in the same period last year; and third quarter revenue at 34.9 billion dollars, down from 35.8 billion dollars a year ago, as Ford suffered its first negative cash flow of 700 million dollars since 2010.
"It's not a pause in our sales growth; it's a pit stop," the Detroit News quoted Ford President and CEO Mark Fields as saying.
Fields is pinning hope on Ford's highly anticipated launch of new aluminum-bodied F-150 pickup later this year, which may help reverse an 8 percent third quarter North American volume drop.
Ford made 1.4 billion dollars in pre-tax profit in North America in the third quarter, down from 2.3 billion dollars a year ago. The automaker attributed profit drop in North America to lower volume and about 630 million dollars in recall costs.
In the third quarter, Ford lost 170 million dollars in South America, 439 million dollars in Europe, 25 million dollars in the Middle East and Africa region, but made 44 million dollars in the Asia Pacific region, thanks to strong performance in China. Overall, Ford expects to lose one billion dollars in South America and another 1.2 billion dollars in Europe this year.