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Ford surprises with $1B profit; sees profit in 2011

By TOM KRISHER and DEE-ANN DURBIN, AP Auto Writers

DEARBORN, Nov. 2, 2009 (AP): Ford, the only U.S. automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a ``solidly profitable'' 2011.
 

The automaker said Monday 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. Ford's shares rose 68 cents, or 9.8 percent, to $7.68 in morning trading.

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 due to debt reductions that cut its interest payments.

Ford, based in Dearborn, reported third-quarter net income of $997 million, or 29 cents per share. Its profit forecast for 2011 was a step above previous guidance of break-even or better for the year.

 

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