Fleet News

Ford in the red after Kwik-Fit losses

A $525 MILLION loss on the sale of Kwik-Fit and other businesses drove Ford into the red during the third quarter of the year.

However, the manufacturer has managed to reduce its losses in its core automotive operations to $243 million, compared with an $877 million loss a year ago, on revenues up to $32.4 billion from $28.4 million. In Europe, Ford lost $121 million, compared to $24 million a year ago, due to higher marketing costs at Jaguar and Volvo and higher product costs at Jaguar.

One bright spot was the results of rental giant Hertz, which reported a third quarter profit of $106 million, up from $26 million last year on the strength of reviving business and leisure travel.

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