Nov 2nd, 2009 by Liz Opsitnik
Ford Motor Company announced today it had a net income of $997 million in the third quarter. Compared to the same time period a year ago, Ford saw an increase of $1.2 billion. This marks Ford’s first operating profit since the first quarter of 2008, the AP reports.
“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.”
Ford says the profit is due to new products, structural cost reductions and improved results at Ford Credit.
Ford’s North American operations posted a pre-tax operating profit of $357 million, its first quarterly profit since the first quarter of 2005. Ford South America, Ford Europe and Ford Asia Pacific Africa also posted pre-tax operating profits in the third quarter.
Ford was the only automaker of the Detroit Big Three not to take any bailout money from the federal government. It also is the only American automaker that did not file bankruptcy.
Ford said in a statement it is changing its full-year 2011 guidance for total company and North American Automotive operations from being “breakeven or better” to “solidly profitable”.
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