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Ford surprises investors with $1 billion profit |
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Written by Administrator
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Monday, 02 November 2009 |
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DEARBORN, Mich. — Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors Monday by reporting a net income of nearly $1 billion in the third quarter and forecast a “solidly profitable” 2011.
The automaker said earnings were fueled by U.S. market share gains, cost cuts and the “cash for clunkers” program, which drew flocks of buyers to showrooms this summer. The latest results signal that Ford’s turnaround is on more solid ground. The company lost more than $14.6 billion last year and hasn’t posted a full-year profit since 2005. While it made a profit in the second quarter, that was mainly because of debt reductions that cut its interest payments. |
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