Tags : Ford Motor profit
Ford Posts Surprising $997 Million Q3 Profit
Dearborn, MI (AHN) – Ford Motor Co. on Monday reported a surprise quarterly profit of nearly $1 billon, its first positive earnings in four years.
The automaker said it earned $997 million, or 29 cents a share, a dramatic change from a year ago, when Ford lost $161 million, or 7 cents a share.
Excluding special items, the company posted an operated profit of $873 million, or 26 cents a share on an after-tax basis. A year earlier, Ford posted a loss of $3 billon, or $1.32 a share. Revenue dropped to $30.9 billion from $31.7 billion.
Analysts had forecast a loss of between 13 cents and 20 cents a share.
Ford said it expects to be profitable for 2011 on a pre-tax basis. The company will released its October sales results on Tuesday.
Future earnings could be affected by labor problems. Union members last week rejected company concessions, opening the possibility of a strike.
In the past three years, Ford has locked more than 10 manufacturing facilities and sliced 45 percent of its American workforce.
Despite losing a record $14.6 billion last year, Ford was the only major American car maker to reject federal bailout funds.
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