Ford Reports Surprise $1 Billion 3Q Profit
Ford Taurus' at a dealership lot in Sterling Heights, Michigan over last year, fueled by the government's Cash for Clunkers program.
Paul Sancya / AP
(DEARBORN, Mich.) — Ford Motor Co. says it made nearly $1 billion in the third quarter, fueled by U.S. market share gains, cost cuts and the government's Cash for Clunkers rebates.
The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better. (See the 50 worst cars of all time.)
Ford's key North American division posted a pretax profit of $357 million, its first quarter in the black since the first quarter of 2005.
The earnings came despite an $800 million revenue drop compared with the third quarter of last year. But Ford said it cut structural costs by $1 billion during the quarter.
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