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 ...
“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 think it is more a matter of they don’t want cut, cut, cut. Normally, I would agree that since the unions tend to sync benefits and pay amongst the auto makers that the union should bite it, but in this case since gm and chrysler are not exactly doing anything free market, the Ford agreement should stand alone. I do find it interesting how aggressive unions are in this crappy economy. The Safeway talks are in a similar boat.
That’s true. But it seems like a reasonable ten- or fifteen- year plan.
I think I would be putting very public plans together to move manufacturing to more business-friendly areas. This would make a good bargaining chip, I would think.
train a whole new work force, and start all over
Might not be that much of a problem as many facing no job would probably move with the company I know if I had that choice I would move with them.
Me, I’ve driven Fords for 30 years.
You have summed it up in one sentence! Look for the Obamoids to find some way to punish Ford for its success. And what does this tell us about the upcoming health care fiasco? I wonder if all those people standing in line to get their kids' flu shots are having second thoughts about putting the government in control of the whole shebang.
I think it just may be time for me to buy my first Ford truck. Just a year ago, the thought would have been unthinkable.
They should abandon Detroit, buy up the Saturn factories in the south at twenty cents on the dollar, and break the unions by any means necessary.
The filthy UAW will be all over this with their greedy little communist hands.
Sorry I did not see your post!
IMO the only surprise is that the Obamaconomy didn't drag Ford down further.
And if rumors are true and it gets the “Eco-Boost” engine, it will get good mileage and be fun. That will drive his socialist butt crazy.
Ford concessions accepted in vote
More on the UAW here...
Bailout Nation Mentality: Ford Workers Reject Further Concessions
The whole idea of collective bargaining over pay by labor is seriously flawed, because it moves factory workers into management and gives them great power to determine their own pay and labor costs. But the problem is that factory workers don't understand much about corporate strategy and the need to be competitive with foreign companies. So effectively moving factory workers into management has had devastating consequences for many companies, including GM. This problem got so bad that Caterpillar had to simply refuse to agree to the UAW's demands for higher pay and endured a long strike before letting the UAW workers return under their previous contract terms. Cat is just fortunate that they don't have much competition from US companies, otherwise the unions would have struck against them to pull market share away from them into other US companies, to put extra pressure on Cat. This is how they always attacked the auto companies, by screwing one company to force it into a bad contract, then going after the other companies for a similar deal.
Congress is bought and paid for by labor unions, who have no business having so much power to manage corporations. If they want to get into management, the unions should start their own companies and see if they can find anyone who wants to invest in those companies.
The White House is also currently bought and paid for by labor unions, and that could end up costing a lot of good American jobs that could move overseas.
Dear Harry:
The embarrassing profits shown by the rogue Ford Motor Company should be taxed as windfall and channeled to the union victims of Ford’s corporate greed. I have directed that legislation be crafted by one of the associations run by Obama’s czars to this effect. Please include the provided language in a non-related bill scheduled for a Friday vote.
Cordially,
Nancy
Every time I hear her talk about “immoral profits” I have to go outside and walk around the block to cool off. If she thinks business profits are immoral then the logical conclusion is that she’s really a Marxist and believes in a state-run communist economic system. And that woman is Speaker of the House?!! How did this happen? People in SF are insane now.
I don’t know about anyone else, but I’m rooting for Ford. It goes far beyond not wanting to buy from Government Motors too.
Capitalism is hands down the best economic system in the world. There’s isn’t a prayer of a chance I would buy from a Fascist business, when there’s a good Capitalist business down the block.
Communism, no! Capitalism, yes!
If anyone thinks I would contribute to Communism being seen as a better bet than Capitalism, they need to think again.
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