FoMoCo announced today that its third quarter net income was $1.6 billion, or 41 cents per share, a $38 million decrease from third quarter 2010. Pre-tax operating profit was $1.9 billion, or 46 cents per share, a decrease of $111 million from third quarter 2010.
Ford has posted a pre-tax operating profit for nine consecutive quarters.
“We delivered solid results for the third quarter despite an uncertain business environment by continuing to serve our customers around the world with best-in-class vehicles,” said Alan Mulally, Ford president and CEO. “We accomplished this while continuing to invest for future growth and focusing on developing outstanding products with segment-leading quality, fuel efficiency, safety, smart design and value.”
Ford’s revenue increased 14% to $33.1 billion, led by even stronger growth in revenue from its auto operations and as it trimmed debt.
“We remain well on track to deliver improved full year pre-tax operating profit and Automotive operating-related cash flow, consistent with our guidance,” said Lewis Booth, Ford executive vice president and chief financial officer. “Our liquidity remains strong, and we will continue to take actions when appropriate to strengthen our balance sheet.”
– By: Omar Rana