From Blumberg.com
Nov. 2 (Bloomberg) -- Ford Motor Co., the only major U.S. automaker to avoid bankruptcy, posted a $997 million net income in the third quarter and its first operating profit since early 2008. It expects to be “solidly profitable” in 2011.
On an adjusted basis, Ford reported a quarterly pretax profit of $1.1 billion, or 26 cents a share, compared with a year-earlier loss of $3 billion or $1.32. Ford beat the 20-cents per share adjusted loss it was forecast to report by an average of 11 analysts surveyed by Bloomberg.
Chief Executive Officer Alan Mulally, who kept Ford out of Chapter 11 as General Motors Co. and Chrysler Group LLC reorganized, is trying to extend sales momentum the Dearborn, Michigan-based automaker built by avoiding a bailout. It posted its first consecutive quarterly net profit under Mulally today.
“Ford is a company that’s well into a turnaround,” said Bernie McGinn, president of McGinn Investment Management of Alexandria, Virginia, which owns about 320,000 Ford shares. “They did it by themselves and didn’t take government money. That gives people a good gut feeling and they’re being rewarded for that.”
The company reported a quarterly net profit of 29 cents a share, compared with net loss of $161 million, or 7 cents, a year earlier. Ford had positive automotive cash flow of $1.3 billion compared with cash consumption of $1 billion in the second quarter. In the year earlier quarter, Ford used $7.7 billion.
Ford finished the third quarter with $23.8 billion in automotive cash, up from $21 billion at the end of the second quarter.
Posts
No comments:
Post a Comment