FoMoCo today reported a surprise profit for the third quarter of nearly $1 billion, its first operating profit in nearly two years. Ford, the only major domestic automaker that did not receive any government loans, reported a net income of $997 million, or 29 cents per share.
On an after-tax basis, excluding special items, Ford posted an operating profit of $873 million in the third quarter, or 26 cents per share, compared with a loss of $3 billion, or $1.32 per share, a year ago.
Ford”s third quarter revenue was $30.9 billion, down $800 million from the same period a year ago. The company finished the third quarter with $23.8 billion in gross cash, compared with $21 billion at the end of the second quarter of 2009.
“Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy,” said Ford President and CEO Alan Mulally. “Our solid product lineup is leading the way in all markets. While we still face a challenging road ahead, our One Ford transformation plan is working and our underlying business continues to grow stronger.”
– By: Omar Rana