Automobile manufacturer Ford posts unexpected profits

Tuesday, November 3, 2009

Alan Mulally, CEO of Ford

The US automobile manufacturer Ford has said that it posted a net profit of US$997 million in the third quarter of this year, and predicted that it would be "solidly profitable" by 2011. The reports surprised most analysts, who had forecast that the auto company would lose money.

Ford's profits equate to 26 cents per share, a large difference to the 12 cent per share lost that had been anticipated by most economic analysts.

"Our third-quarter results clearly show Ford is making tremendous progress despite the prolonged economic slump," said the firm's chief executive officer, Alan Mulally. "While we still face a challenging road ahead, our transformation is working and our underlying business continues to grow stronger."

Mulally predicted that his company would meet or even surpass all of its financial targets, and suggested that the fourth quarter of this year could see it post an operating profit.