Ford Swings To First Full-Year Profit Since 2005 |
| Wall Street Journal - Jan 28, 2010 |
Ford Motor Co. (F) swung to its first annual net profit in four years and said it will remain profitable - on a pre-tax basis during the next two years.
The second-largest U.S.-based auto maker must now weather a fragile automotive market, especially in Europe, where the loss of incentive programs is expected to reduce overall industry sales by as much as 2 million vehicles this year.
Meanwhile, the company will have to shrink its debt of $34.3 billion at the end of the year, almost twice the size of General Motors Co. which, along with Chrysler Group LLC, filed for bankruptcy protection earlier this year.
"We are not kidding ourselves about our debt," Chief Financial Officer Lewis Booth said in an interview following the earnings release. "We have an uncompetitive balance sheet and we are working on it. We are acutely aware that we have too much debt on our balance sheet."
Read Full Article from Wall Street Journal
- Posted: 2010-01-28 14:40:20
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