Ford Boasts First Profitable Quarter in Four Years
The Ford Motor Company announced today that they've experienced their first quarter in the black in four years resulting in a profit of $997 million. They are optimistic about these gains and "[expect] to be solidly profitable in 2011 … with positive operating-related cash flow." Against the background of the recession—and particularly desperate times for the American auto industry—this is welcome news.
In response to the good word, Ford stocks made a seven percent midday jump today, hitting $7.50, a major recovery from last November's low of $1.01. While it's a far cry from the peaks they've hit in the past, this is a solid move in the right direction.
For a company that looked to be in comparatively dire straits a few years ago, Ford is now at the top of the leaderboard for American automakers. And unlike the other two-thirds of the Detroit Three—GM and Chrysler—Ford didn't have to declare bankruptcy and take billions of dollars in federal handouts to get where they are now.
You can check out the complete third quarter earnings review (PDF) for a more detailed financial breakdown.
