Ford surprises investors with $997m profit

• Source: Global Times
• [11:10 November 03 2009]
• Comments

Ford, which had promised to break even in 2011, posted a surprise third quarter profit of nearly $1 billion today and now says it will be "solidly profitable" within two years.

Ford Motor Co. posted a $997 million net profit in the third quarter on November 2 -- its first operating profit in almost two years.

The US automaker reported a net income of $997 million, or 29 cents per share, a $1.2 billion improvement from a year earlier. After taxes and excluding one-time items, Ford earned $873 million, or 26 cents a share.

Ford shares rose 8.3 percent, or 58 cents, to $7.58 as of 4:02 pm ET in heavy trading.

"Our third-quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy," said CEO Alan Mulally.

Ford now says it will be "solidly profitable" within two years.

Agencies and Shi Jierui contributed to this story