WDET News
- Ford Earns $997 Million In Third Quarter
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Nov 2, 2009Automotive & Business - Link to Audio
The Ford Motor Company is reporting nearly a billion dollars in profit for the third quarter. WDET's Jerome Vaughn has more.
SOQ
Ford surprised Wall Street analysts by posting a profit of 997 million dollars. Most had forecasted that the automaker would see a loss in the third quarter.
Company officials say gains in market share, successful cost cutting efforts, and the federal “Cash for Clunkers” program led to the improved earnings.
Ford even saw its North American operations show a profit again with the division earning 357 million dollars before taxes. That’s the division’s first profit since the first quarter of 2005.
The automaker says it also continued its growth in China -- with sales jumping 63 percent during the quarter.
Global revenues dropped by more than two percent to just under 31 billion dollars.