Ford reports third-quarter profit of nearly $1 billion

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