Ford records $1.7 billion third quarter profit – time to pay off debts

Ford records $1.7 billion third quarter profit – time to pay off debts

It seems like the dark clouds over Detroit are clearing with reports that the Ford Motor Company has recorded a third quarter net income of $1.7 billion USD. This marks a $690 million USD improvement over the third quarter of 2009, fueled mostly by solid sales in the North American market.

Ford has been nicely profitable for five consecutive quarters now, with a current pre-tax operating profit of $2.1 billion — an improvement of $1.1 billion from a year ago.

Revenue for the last three months reached $29 billion, which is $1.3 billion less when compared to 2009 , but Ford is still far down the road to recovery.

Ford North America did particularly well, with a pre-tax operating profit of $1.6 billion a impressive $1.3 billion improvement over last year.

Ford has also used the occasion to announce that it’s working hard on debt reduction.

Ford President and CEO Alan Mulally has this to say, “This was another strong quarter and we continue to gain momentum with our One Ford plan. Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions”.

It seems like the dark clouds over Detroit are clearing with reports that the Ford Motor Company has recorded a third quarter net income of $1.7 billion USD. This marks a $690 million USD improvement over the third quarter of 2009, fueled mostly by solid sales in the North American market.

Ford has been nicely profitable for five consecutive quarters now, with a current pre-tax operating profit of $2.1 billion — an improvement of $1.1 billion from a year ago.

Revenue for the last three months reached $29 billion, which is $1.3 billion less when compared to 2009 , but Ford is still far down the road to recovery.

Ford North America did particularly well, with a pre-tax operating profit of $1.6 billion a impressive $1.3 billion improvement over last year.

Ford has also used the occasion to announce that it’s working hard on debt reduction.

Ford President and CEO Alan Mulally has this to say, “This was another strong quarter and we continue to gain momentum with our One Ford plan. Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions”.

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