Ford has earned a net income of almost US$1 billion in Q3, 2009. Market share in North America has improved and a strong profit is expected in 2011.
Ford's latest financial statements reveal some good news for the Blue Oval. The company made a surprising profit of US$997 million compared to the third quarter of 2008. Ford North America also returned to the black for the first time since Q1, 2005. It made a pre-tax operating profit of US$357 million. Driving these numbers were better product sales as market share increased in the North America, South America and Europe regions.
"Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy," said Ford President and CEO Alan Mulally. "Our solid product lineup is leading the way in all markets. While we still face a challenging road ahead, our One Ford transformation plan is working and our underlying business continues to grow stronger."
Automotive revenue is reportedly up US$100 million from the same period in 2008. The company's financial arm Ford Credit accounted for a pre-tax operating profit of US$677 million and Volvo Cars reported a pre-tax operating loss of US$135 million. Other listed items include loans of US$886 million from the US Department of Energy for the development of more fuel-efficient vehicles and a new US$490 million assembly plant in China to build the Focus for that market.
Mulally and his executives believe a recovery is imminent and expect Ford to post a full profit in 2011.