Ford 2010 profit highest in a decade as sales rise

[January 28, 2011]  DEARBORN, Mich. (AP) -- Ford says it earned $6.6 billion in 2010, its highest profit in more than a decade.

Ford's U.S. sales jumped 20 percent last year as an improving economy lifted demand for the company's F-Series pickup trucks. Ford was the top-selling brand in the U.S.

Revenues rose 3 percent to $120.9 billion.

It was Ford's Motor Co.'s best performance since 1999 and its second straight annual profit.

Ford's net income, of $1.66 per share, compared with net income of $2.7 billion, or 86 cents per share, in 2009.

But Ford fell short of expectations. Analysts polled by FactSet had forecast earnings of $2.05 per share, but they didn't take into account some one-time items such as debt repayments.

Ford earned $190 million, or 5 cents per share, in the fourth quarter.

[Associated Press]

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