Ford Close to Breakout

Shares of Ford ($F) got as high as $17.38 today. That’s two pennies shy of its highest price since October. After getting crushed in Europe, the automaker sees a profit coming soon.

Ford Motor Co., targeting an end to losses in Europe, maintained its forecast to return to profitability in the region by 2015, as it reported auto sales for the first six months that outpaced the broader industry.

“We are very, very pleased with where we are on our European transformation plan,” Stephen Odell, Ford’s Europe chief, told reporters today at the company’s headquarters in Dearborn, Michigan.

Auto sales in Europe are growing this year after falling to a two-decade low in 2013. The company has said it expects a smaller loss in the region this year and a return to profitability in 2015. The second-biggest U.S. automaker’s pretax operating loss in Europe narrowed to $194 million during the first quarter from a loss of $425 million during the same period last year.

Ford’s sales in Europe this year through June rose 6.6 percent from a year earlier, outpacing industry growth of 6.3 percent, the company said. For the first six months, the automaker’s market share in Europe, which it defines as 20 nations, was about 8 percent.

Earnings are due out in two weeks. Wall Street expects earnings of 38 cents per share which is down from 45 cents for last year’s Q2.

Posted by on July 9th, 2014 at 11:25 am


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