Bullwinkle deer found in Mississippi | 0:51
A white-tailed deer with what appears to be Bullwinkle Syndrome has been captured on video in Mississippi.
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Kellogg’s and General Mills race to win the battle for breakfast | 0:46
The companies have joined the venture capital craze.
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Watch: Who will you root for in World Series? | 1:02
Looking at Detroit’s loyalties in the 2017 World Series between the Houston Astros and Los Angeles Dodgers. Who are you rooting for and why? Video by Ryan Ford, Detroit Free Press
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Deer cozies up to hunter, licks gun muzzle | 1:59
Some daring deer approached a group of hunters in central Indiana and one was so unafraid that it licked the barrel of a shotgun and allowed one of the men to stroke its neck. (May 9)
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Boil-water advisory affects 11 Oakland County communities | 0:50
A 48-inch water-main break Oct. 23, 2017 affected 11 communities across Oakland County, potentially for several days.
Robert Allen/Detroit Free Press
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Hair artist Kristina Beaty to shine at DIA | 0:48
Hair artist Kristina Beaty creates eye-popping styles that range from retro waves to avant-garde hair sculptures. The Detroit Institute of Arts is featuring her work in the museum’s first-ever program devoted to the art of hair sculpting.
Ann Zaniewski / Detroit Free Press
Ann Zaniewski/Detroit Free Press
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Oakland County residents are concerned about the boil water advisory | 1:12
Oakland County residents are concerned about the boil water advisory affecting 12 communities.
Junfu Han/Detroit Free Press
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Kid Rock ends rumors of running for U.S. Senate | 0:36
In a radio interview on Tuesday, singer Kid Rock ruled out running for a seat in the U.S. Senate, claiming that his earlier hints about seeking office were a lark as he readied to release a new album and go on tour.
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Teens charged with murder after overpass ‘prank’ | 0:36
Five teenagers from Michigan have been charged with second-degree murder after being accused of throwing a rock off an overpass that killed a man, according to the Genesee County Sheriff’s Office.
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Carve a Halloween Trumpkin | 1:20
Impress your neighbors bigly! Use our stencil and follow our instructions to carve your very own Halloween Trumpkin!
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Bullwinkle deer found in Mississippi
Kellogg’s and General Mills race to win the battle for breakfast
Watch: Who will you root for in World Series?
Deer cozies up to hunter, licks gun muzzle
Boil-water advisory affects 11 Oakland County communities
Hair artist Kristina Beaty to shine at DIA
Oakland County residents are concerned about the boil water advisory
Kid Rock ends rumors of running for U.S. Senate
Teens charged with murder after overpass ‘prank’
Carve a Halloween Trumpkin
Ford announced Thursday a third quarter profit of $1.6 billion, which reflects a 63% increase from one year ago.
On a per share basis, the Dearborn automaker earned of 39 cents per share, beating the 33 cents per share average, based on in a FactSet survey of Wall Street analysts. That’s up from 26 cents per share a year earlier.
Revenue from sales in North America, especially trucks and SUVs, drove the better-than-expected results under the leadership of CEO Jim Hackett, a former office furniture executive who took the helm of Ford in May.
The company is seeing higher profits generated by its F-Series pickups in the U.S., Canada and Mexico. The average F-Series truck sold for $2,300 more than a year ago, or $45,400 in September. Ford is seeing strong demand for the most expensive packages — Lariat, King Ranch, Platinum – in the Super Duty trucks — and the Raptor performance version.
Ford’s revenue worldwide increased 1% to $36.5 billion during the third quarter and its pre-tax profit jumped 40% to $2 billion.
In what analysts are calling a high-profile “second date” with Wall Street investors, CEO Hackett reported Thursday an enormous pile of cash on hand and bigger profits on the nation’s most popular pickup truck.
“This quarter demonstrates that our team’s focus on fitness is showing early promise. But we also know that we must accelerate that progress in the near term, while taking the necessary steps to fundamentally redesign our business operations to be more fit for the long term,” Hackett said.
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CFO Bob Shanks said in his morning analysis, “It was a solid quarter, a good quarter. We’ve seen profitability in growth, profitability and cash flow.”
Ford said North America continues to generate most of the profit, posting earnings before taxes of $1.7 billion, up about $400 million, or 33%, over the same period last year. Elsewhere the company posted a pre-tax loss of $86 million in Europe and a profit of $289 million in the Asia Pacific region. That’s up from $131 million a year ago.
Results in South America were a loss of $158 million and a loss of $60 million in the Middle East and Africa.
Ford has faced a series of challenges this year, including shortages its top-selling new Fiesta in Europe, carbon-monoxide issues involving police vehicles, recalls and a CEO facing Wall Street analysts hungry for specifics related to cost-cutting and strategies related to autonomous vehicle technology and ride-sharing.
Wall Street has failed to reward Ford this year as much as its rivals General Motors and FiatChrysler. But over the past three months, Ford and Tesla stock grew 5%, while GM stock jumped 26% largely because of its perceived leadership in driverless cars and shared mobility. For overall perspective the S&P 500 gained 4%.Jessica Caldwell, an analyst with Edmunds.com, said Ford leasing has accounted for a growing portion of Ford sales. Some buyers are shifting to leases so they can afford the monthly payments on the Super Duty trucks.
At the start of this month, Hackett said Ford planned to cut material costs by $10 billion and engineering expenses by $4 billion over five years, shift $7 billion of capital costs from cars to SUVs and trucks, embrace partnerships such as its recently announced alliance with India’s Mahindra Group, and deliver 13 new electric vehicle models in the next five years.
“This is the second earnings report we’re seeing under Jim Hackett. Investors want to see results right way,” said Rebecca Lindland, executive analyst at Cox Automotive.
Analysts throughout the industry question the status of the luxury Lincoln brand, which generates less than 5% of Ford’s U.S. sales.
“Ford, in some capacity, is handicapped by the fact that it has only Ford and Lincoln while other car companies have many more brands,” Lindland said. “Ford has got to get to work on making Lincoln relevant, both here and in China.”
A unique strength for Ford, she added, is that its buyers are among the most “domestically partisan” owners in the world, with some 90% identifying as loyal to American brands.
Contact Phoebe Wall Howard: [email protected] or 313-222-6512.
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