This Morning in Metals: China Manufacturing PMI falls slightly in October
This morning in metals news: the China Manufacturing Purchasing Managers’ Index (PMI) fell slightly from the previous month; Ford Motor Co. released its Q3 financial results; and, finally, Oslo-based Norsk Hydro recently released its Q3 financials.
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China Manufacturing PMI down
The China Manufacturing PMI fell 0.1% in October, down to 51.4%, the National Bureau of Statistics reported Monday.
After plummeting to 35.7 in February, the China Manufacturing PMI has been over 50 every month since.
Ford releases Q3 financials
Ford reported Q3 revenue of $37.5 billion, up from $37.0 billion in Q3 2019.
“We know that there’s huge value to be unlocked as we turn around our automotive operations,” said Jim Farley, Ford’s president and CEO, in the earnings release. “There will be additional opportunity when we start growing again, which we will do with products and services customers can’t resist.”
In addition, the automaker reported net income of $2.4 billion in Q3 2020, up from $400 million in Q3 2019.
Norsk Hydro reports Q3 results
Elsewhere, Norsk Hydro reported a Q3 net loss of 221 million NOK (U.S. $23 million). That marked an improvement over the 1.39 billion NOK loss in Q3 2019 (U.S. $145 million).
“Our top priority is the health and safety of our people and the communities where we operate,” President and CEO Hilde Merete Aasheim said. “Hydro’s organization is maneuvering the Covid-19 situation, protecting people and operations while generating cash. I am pleased to see strong cash generation as a result of our efforts. At the same time, we are pursuing our profitability and sustainability agenda, strengthening our low-carbon position and exploring new growth areas.”
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