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Ford Reports $1 Billion 3rd Qtr Profit

Old 11/2/09, 02:10 PM
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Ford Reports $1 Billion 3rd Qtr Profit

NEW YORK ( -- Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program, a reduced cost structure and problems at its U.S. rivals.

The only major U.S. automaker not to file for bankruptcy this year earned $997 million, or 29 cents a share, compared to a loss of $161 million, or 7 cents a share on that basis a year earlier.

Excluding special items, Ford reported a profit of $873 million, or 26 cents a share, in the period. Analysts had been forecasting a loss of 12 cents a share for the quarter on this basis. Ford said it was the first pre-tax operating profit since the start of 2008.

The company said cost cutting during the past year and an improved outlook for sales leads it to believe Ford will be "solidly profitable" in 2011, excluding special items.

That's the most bullish outlook Ford has offered investors since it started losing money in 2005. The company had previously said it was looking for break-even or better results that year.

......During the quarter, Ford's U.S. market share rose by 2.2 percentage points to 14.6%. Ford benefited from steep market share declines at GM and Chrysler in the wake of their bankruptcies, but it also posted bigger market share gains than Japanese rivals such as Toyota Motor (TM) and Honda Motor (HMC).
Full Story Here

Congratulations Mr. Mulally. Keep up the good work.

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Old 11/2/09, 02:35 PM
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Moving to 'Other Fords,' but will leave a link for a day . . .
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Old 11/2/09, 03:20 PM
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Old 11/2/09, 03:27 PM
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How dare they 'make' money in this economy.

I think we should take that money and pay for health care. We all deserve it right? I mean who doesn't want someone else to pay for their health care?

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