Ford reports surprise $1 billion 3Q profit

[November 02, 2009]  DEARBORN, Mich. (AP) -- Ford Motor Co. says it made nearly $1 billion in the third quarter, fueled by U.S. market share gains, cost cuts and the government's Cash for Clunkers rebates.

The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better.

Ford's key North American division posted a pretax profit of $357 million, its first quarter in the black since the first quarter of 2005.

The earnings came despite an $800 million revenue drop compared with the third quarter of last year. But Ford said it cut structural costs by $1 billion during the quarter.

[Associated Press]

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