DETROIT — Ford Motor Co., fresh with new leadership and touting an upcoming lineup of hot new vehicles, reported a $2.4 billion net income Wednesday for the third quarter of the year, an improvement of $2.0 billion from the same quarter last year.
Ford reported that earnings in the quarter before interest and taxes — adjusted EBIT — was $3.6 billion, up from the $1.8 billion reported for the same period in 2019 and $1.7 billion a year earlier. EBIT does not include restructuring and other charges.
"We plan to compete like a challenger," CFO John Lawler said on a media call.
From the factory floor to Wall Street, people have noticed Ford is under new management and they seem to be pretty happy about it.
CEO Jim Farley and Lawler, who started as a team on Oct. 1, have restored confidence in the 117-year-old company among industry observers as well as UAW members and car dealers.
"Morale has increased immensely since Jim (Farley) has taken the spot," Craig Felt, who works in machine repair at the Ford Romeo Engine Plant, told the Free Press.
Stock activity, which has been tepid, is showing signs of life. The up-and-down stock had seen a 52-week low of $3.96. It closed Wednesday at nearly twice that amount.
Industry analysts and factory workers say the straight-talking Farley, who started with Toyota, will bring a refreshing change from former CEO Jim Hackett's more esoteric dialogue.
Ford has a lot at stake, and third quarter earnings reflect the significant costs associated with the upcoming launches of the all-new 2021 Ford F-150, the redesigned Ford Bronco and Bronco Sport, and all-electric Mustang Mach-E.
Lawler wrote these key takeways from the earnings report: