Ford Q3 earnings up 68 percent in third quarter

13:15, October 27, 2010      

Email | Print | Subscribe | Comments | Forum 

The blue Ford logo is seen on top of the Ford Motor Co. headquarters in Dearborn, Michigan December 16, 2009. (Xinhua/Reuters File Photo)

Ford Motor Co.'s third-quarter net income rose 68 percent, with an earnings of 1.7 billion U.S. dollars -- beating analysts' estimates, Ford announced on Tuesday.

It was Ford's sixth straight quarterly profit.

"All our business units should be profitable in the fourth quarter and next year," Ford Chief Financial Officer Lewis Booth said this morning.

Significantly, the automaker will have as much cash as debt by year's end, achieving that target a year ahead of schedule.

The automaker ended the second quarter with 21.9 billion dollars in cash and 27.3 billion dollars in debt for net debt of 5. 4 billion dollars.

At the end of September, cash was at 23.8 billion dollars and debt was 26.4 billion dollars, for net debt of 2.6 billion dollars.

As of Friday, Ford will have reduced debt by 10.8 billion dollars so far this year.

The automaker has not ruled out further debt reduction in the fourth quarter, as it works to return to investment grade status and equal the playing field with Chrysler Group LLC and General Motors Co., which used bankruptcy to shed debt.

This is the highest third-quarter net income since 1990, Ford says. The last time the automaker was net cash positive was the second quarter of 2008.

The third-quarter income of 43 cents per share beats analysts' expectations of 38 cents. Pre-tax operating profit totaled 2.1 billion dollars or 48 cents a share, which is up 1.1 billion dollars from a year ago.

Source: Xinhua


  • Do you have anything to say?
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)

  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)

  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)