SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates.
The automaker's net income swung to a $1.2 billion profit from a year-earlier loss of $827 million. Revenue increased by 11% compared to a year earlier, coming in at $43.8 billion.
Ford's latest quarterly profit, adjusted for one-time items, amounted to 39 cents a share. That was below the 46 cents a share expected by industry analysts, according to FactSet.
The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The four-year labor deal, which still has to be approved by 57,000 union members at the company, could bring a close to the union’s series of strikes at targeted factories run by Ford, General Motors and Jeep maker Stellantis.
The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain.
“We told Ford to pony up, and they did,” President Shawn Fain said in a video address to members Wednesday night. He added that Ford put 50% more money on the table than it did before the strike started on Sept. 15.
Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down almost 4% in after-hours trading following earnings report.
