Ford swings into profit in third quarter
US auto giant Ford Motor Co. reported Monday it swung into profit of 997 million dollars in the third quarter and said it was on track for a solid recovery.
Ford, the number-two US automaker, reported net income of 997 million dollars in the third quarter, a gain of 1.2 billion dollars from the same period in 2008.
Overall pre-tax operating profit totaled 1.1 billion dollars, an improvement of 3.9 billion dollars from the 2008 July-September period and the first quarterly profit since the first quarter of 2008, the company said.
For the key North America market, the company posted a pre-tax operating profit of 357 million dollars, swinging into the green for the first time since the first quarter of 2005.
Ford is the only Detroit Big Three automaker that refused to take government aid to cope with a US auto sales dive amid the worst recession in decades and, unlike rivals General Motors and Chrysler, did not go bankrupt this year.
"Strong new products, structural cost reductions and improved results at Ford Credit lifted the company's results despite continued weak global economic conditions," the company said in a statement.
"Ford now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow."
