Skip to comments.Ford Surprises With $1B Profit; Sees Profit in '11
Posted on 11/02/2009 6:03:56 AM PST by Rummyfan
Ford, the only Detroit 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 58 cents, or 8.3 percent, to $7.58 in pre-market 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. Dearborn, Mich.-based Ford reported third-quarter net income of $997 million, or 29 cents per share.
(Excerpt) Read more at abcnews.go.com ...
It's almost as if Capitolism works better than fascism. However, the Democrats cannot stand to hear facts that disagree with their world view - so they will put their fingers in their ears, close their eyes and ignore this little bit (actually, only bit) of good news coming from the US Automotive indusry.
Good for them! Take that Government Motors!
I’m not surprised.
The UAW will fix this unfortunate situation.
Won’t last long... remember, the UAW members voted to not accept the contract that the union leadership endorsed. They want MORE MORE MORE...
I’m a Chevy guy, but if I was in the market for a new truck, I doubt seriously I would buy Government Motors.
I think my next car may just be a Ford. I fear that the government may find a way to penalize them, though, either through a “non-bailout receiver’s tax” or a heft surcharge that bailout recipients are somehow exempt from.
“Im a Chevy guy, but if I was in the market for a new truck, I doubt seriously I would buy Government Motors.”
I’m a Chevy guy too. I still own an old Corvette. I will not buy a new GM product, not for the forseeable future. I do own stock in Ford, and will look at Fords first.
If you understand the first part of that sentence, the second part isn't a "surprise."
Glad to see the only American manufacturer that did not belly up to Obamamobile is doing well.
More likely, they will tax the “obscene profits” of Ford or put such regulation on it that they have to pass the costs onto the consumer and drive customers away.
All because they want their Government Motors program to not fail.
Ford should tell them to go pound sand. There are plenty of jobless people out there ready to step in.
I'll say it again, here is Sarah's VP Candidate.
My auto gnome tells me for quite a while that the H20 Cooler talk has been does this guy have a political future.
Shame on the UAW.
"If Alan Mulally is ok with his pay so are we". Dumb @$$es. Mulally is akin to a Ted Williams, Joe Dimaggio, and Tiger Woods. These silly rabbits on the line are probably good people, but they are not .350 hitters, they are replace-able and cannot command their pay given the competitve cost structures worldwide. Shame on them for not knowing basic Econ and Accounting....
Unfortunately, that is not an option. Their pants are located in union states - they can't just fire them - by law.
Second, even with the supposed profit, it costs a LOT to move a factory to a right-to-work state, train a whole new work force, and start all over. Far more than ANY creditor is going to give ANY auto maker at this point in the game.
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