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Ford ($F) reports a nearly $1 billion profit
Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program, a reduced cost structure and problems at its U.S. rivals. The only major U.S. automaker not to file for bankruptcy this year earned earned $997 million, or 29 cents a share, compared to a loss of $161 million, or 7 cents a share on that basis a year earlier. Excluding special items, Ford reported a profit of $873 million, or 26 cents a share, in the period. Analysts had been forecasting a loss of 12 cents a share for the quarter on this basis. Ford said it was the first pre-tax operating profit since the start of 2008. (money.cnn.com)
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3 total votes | Comments (1) | Created by steve on 2009-11-02 - Login to vote or comment!
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Great report on Ford. Makes me feel good that our founding car maker is not going under. The cash for clunkers was a great strategy to get Americans buying vehicles again. I also think the engineers are stepping up the technology so the vehicles will last, and not start breaking down at 100,000 miles like most American cars. William Whitlow Home Business On Line Marketer http://www.williamwhitlow.com