Ford Reports Nearly $1 Billion Profit - Cleveland 19 News Cleveland, OH

Ford Reports Nearly $1 Billion Profit

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NEW YORK (CNNMoney.com) -- Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program and problems at its U.S. rivals.

The only major U.S. automaker not to file for bankruptcy this year earned earned $997 million, or 29 cents a share, compared to a loss of $161 million, or 7 cents a share on that basis a year earlier.

Excluding special items, Ford reported a profit of $873 million, or 26 cents a share, in the period. Analysts had been forecasting a loss of 12 cents a share for the quarter on this basis. Ford said it was the first pre-tax operating profit since the start of 2008.

 The company reported overall revenue of $30.9 billion in the quarter, down $800 million from the same period a year ago due to a decrease in revenue at its Ford Credit unit. However, Ford said that sales of cars rose $100 million from the third quarter of 2008, to $27.9 billion.

 Ford also said it made money on its auto operations, and that it reported positive cash flow of $1.3 billion from its auto businesses. The company had been burning through significant amounts of cash as it suffered from years of ongoing losses.

 

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