Obama Motors Still Not Making any Money: But Ford Is!

8:33:00 AM

Fresh on the heels that GM may need another injection of tax money to keep going, Ford, the only US auto maker that decided not to suckle at the government tit has posted $997 Million in net profit in the third quarter. Amazing that the only company that did not take money, did not need a government appointed board, did not have the President fire their CEO, is the only one not purchased by a European company, bankrupt, or losing money...


PRESS RELEASE:

FORD POSTS THIRD QUARTER 2009 NET INCOME OF $1 BILLION; CASH FLOW TURNS POSITIVE; NORTH AMERICA PROFITABLE

Reported net income of $997 million, or 29 cents per share, an improvement of $1.2 billion from the third quarter of 2008. Pre-tax operating profit totaled $1.1 billion, an improvement of $3.9 billion from a year ago. It is Ford's first pre-tax operating profit since the first quarter of 2008
Ford North America posted a pre-tax operating profit of $357 million, its first profitable quarter since the first quarter of 2005


Reduced Automotive structural costs by $1 billion, bringing the total reduction to $4.6 billion through the first nine months of 2009, and exceeding the full-year target of $4 billion

A strong product lineup drove market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins

Ended the quarter with $23.8 billion of Automotive gross cash, up $2.8 billion from the end of second quarter 2009


Achieved positive Automotive operating-related cash flow of $1.3 billion for the third quarter, a $2.3 billion improvement over the second quarter

Ford Credit reported a pre-tax operating profit of $677 million, a $516 million improvement from a year ago


Ford now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow

[Source Ford]

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