Ford Motor Co.’s Irvine-based Premier Automotive Group narrowed its losses in the third-quarter but expects to miss its profit target for the year, the automaker said Thursday.
Premier, which includes Volvo, Jaguar, Aston-Martin and Land Rover, lost $108 million in the quarter before taxes, down from a $171 million loss a year earlier.
New vehicles and better prices at Land Rover were part of the better results, though they were partly offset by unfavorable exchange rates, Ford said.
Premier’s third-quarter sales were $6.8 billion, up nearly 2% from a year earlier.
For the year, Premier is expected to fall short of its profit target of $300 million to $600 million, Ford Chief Financial Officer Don Leclair said.
