$1 billion gain signals Ford on a rebound
Quarter profit lifts hopes for automaker’s next year
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Ford Motor Co., the only Detroit automaker to avoid direct government aid and bankruptcy court, surprised investors Monday in announcing a net income of nearly $1 billion in the third quarter.
The automaker said earnings were fueled by U.S. market-share gains, cost cuts and the “cash for clunkers” program, which drew buyers to showrooms this summer. Ford’s shares rose 58 cents,or 8. 3 percent, to close at $7.58.
“To move from break even or better to solid profitability means we’ll be making money in all our vehicle operations and we’ll be doing well with Ford Credit” in 2011, Ford Chief Executive Officer Alan Mulally said.
The latest results signal that Ford’s turnaround is ...
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