Ford drives to US$1.7b net profit in Q3
By Bernie Woodall |
October 27, 2010, Wednesday
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Print Edition
Print Edition
FORD Motor Co posted a US$1.7 billion quarterly profit yesterday that exceeded Wall Street expectations and said it expected to eliminate a net debt position in its automotive business by year-end.
Ford, which expects to be solidly profitable in 2010, said it had repaid US$2 billion of debt in the third quarter and on Friday will repay its remaining US$3.6 billion of debt owed to a retiree healthcare trust for the United Auto Workers union.
Net profit rose to US$1.7 billion, or 43 cents per share, in the third quarter from US$997 million, or 29 cents per share, a year earlier. Excluding the Volvo unit it sold in August, revenue rose US$1.7 billion to US$29 billion.
Operating profit was 48 cents per share excluding one-time items. On that basis, analysts on average expected Ford to report earnings of 38 cents, according to Thomson Reuters.
Ford, which expects to be solidly profitable in 2010, said it had repaid US$2 billion of debt in the third quarter and on Friday will repay its remaining US$3.6 billion of debt owed to a retiree healthcare trust for the United Auto Workers union.
Net profit rose to US$1.7 billion, or 43 cents per share, in the third quarter from US$997 million, or 29 cents per share, a year earlier. Excluding the Volvo unit it sold in August, revenue rose US$1.7 billion to US$29 billion.
Operating profit was 48 cents per share excluding one-time items. On that basis, analysts on average expected Ford to report earnings of 38 cents, according to Thomson Reuters.
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