Ford reported a third quarter net income of $1.7 billion

Article by Christian A., on October 27, 2010

For the third quarter, Ford Motor Company posted a net income of $1.7 billion, or 43 cents per share as strong products, momentum in North America and persistent success at Ford Credit boosted growth even when business conditions are not quite ideal. The latest net income figure represents a $690 million improvement from the third quarter of 2009.

With special items excluded, Ford posted a pre-tax operating profit of $2.1 billion, or 48 cents per share, an improvement of $1.1 billion from a year earlier.

For five straight quarters, Ford has posted pre-tax operating profits. Furthermore, Ford’s third quarter revenue was $29 billion, a $1.3 billion drop from the same period the previous year.

Excluding Volvo revenue from 2009, Ford’s revenue in the third quarter was up $1.7 billion compared with the same period a year ago. Ford North America reported a third quarter pre-tax operating profit of $1.6 billion, a $1.3 billion improvement from third quarter 2009.

Ford is on course to achieve full-year market share in the US for the second straight year, standing for the first time since 1993 that Ford has gotten straight annual increases.

The company also revealed automotive debt reduction actions to reinforce the balance sheet. This includes further paying down its revolving credit line by $2 billion in the third quarter; prepayment of the remaining $3.6 billion of debt owed to the VEBA retiree health care trust by the end of October; and conversion offers on two convertible debt securities in the fourth quarter.

Ford President and CEO Alan Mulally said that this had been “another strong quarter” and that it continues to gain momentum with its One Ford plan. He added that it had grown profitably even at low industry volumes in key regions because of its ability to deliver world class products and aggressively restructure its business.

Topics: ford, profit

If you liked the article, share on:

Pin It

Comments

Recommended

Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries