Ford 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 $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.

Read Full Article from CNNMoney.com

- Posted: 2009-11-02 10:44:12

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