Ford Motor Company (F) is optimistic for full-year pretax profit after strong financial results in 3Q 2020

Ford Motor Co announced its quarterly profit which exceeds the analysts’ estimates, thanks to the great demand for Pickups and SUVs in the United States. The company is expecting a full-year tax profit, and ford share prices went up in after-hours trading.

The new CEO of FordJim Farley who took charge on October 1 said that he wants to expand Ford`s operation into related technology fields, such as software, data, fleet management and EV charging. The restructuring was already commenced by Jim Hackett who was replaced by Jim Farley.

Ford Net income in the third quarter was $2.4 billion compared to $400 million, last year. Ford profit was 19 cents more than the estimates and it closed at 60 cents a share in the reported quarter. Ford is now positive in good more good results for the fourth quarter aiming to earn full-year pretax profit between $600 million and $1.1 billion. Ford expectation for the pre-tax profit in thethird quarter was between $500 million and $1.5 billion. After the announcement of the quarterly results, the Ford share went up by 3.8% in extended trading.

The Ford new CEO said that he still has to fix the issues that have held Ford back in the automotive business and his team has a clear turnaround plan.The Company fully repaid revolving credit loans as well and at the end of the reported quarter the company had $30 billion in cash and approx. $45 billion of liquidity.

Ford is working on redesigning its iconic vehicles F-150, Bronco Sport and Mustang-E.  Ford is hopeful to increase its commercial growth business by launching the new full-size truck next month. Also, the company’s electric vehicles including battery-powered F-150 will be vital to the company’s future including other EVs Lincoln line.

On Wednesday, shares of Ford Motor Company (NYSE:F) marked $7.70 per share versus a previous $7.92 closing price. With having a -2.78% loss, an insight into the fundamental values of Ford Motor Company, investors would also find a great ally in the technical patterns of the stock movements showed in stock charts. F showed a fall of -17.20% within its YTD performance, with highs and lows between $3.96 – $9.57 during the period of 52 weeks, compared to the simple moving average of 17.00% in the period of the last 200 days.