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Ford posts sixth consecutive quarterly profit
Filed under: Ford, Earnings/Financials
Ford has posted its sixth consecutive quarterly profit with a net income of $1.7 billion. That figure marks the largest third-quarter earnings for the company since 1990, sailing well above the $997 million Ford earned during the third quarter of 2009.
As a result of its earnings, the automaker said it will move to pay down its substantial debt sooner than anticipated and step up production for the fourth quarter by 20,000 units. Originally, Ford had said that it aimed to have zero net debt by the end of 2011. Now the Blue Oval is aiming for the same goal by the end of this year. That means that the company will have the same amount of debt as it has funds to pay it.
Of course, those numbers all hinge on excluding Volvo from the picture. Total revenue for the third quarter of 2010 was $29 billion, which is around $1.3 billion less than the same period of 2009. If you nix Volvo revenue from the picture, however, the Ford bottom line increases by the $1.7 billion mentioned above. Hit the jump for the full press release.
[Sources: Ford, Automotive News, The Detroit Bureau | Image: AP/Paul Sakuma]Continue reading Ford posts sixth consecutive quarterly profit
Ford posts sixth consecutive quarterly profit originally appeared on Autoblog on Tue, 26 Oct 2010 09:27:00 EST. Please see our terms for use of feeds.
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Ford has posted its sixth consecutive quarterly profit with a net income of $1.7 billion. That figure marks the largest third-quarter earnings for the company since 1990, sailing well above the $997 million Ford earned during the third quarter of 2009.
As a result of its earnings, the automaker said it will move to pay down its substantial debt sooner than anticipated and step up production for the fourth quarter by 20,000 units. Originally, Ford had said that it aimed to have zero net debt by the end of 2011. Now the Blue Oval is aiming for the same goal by the end of this year. That means that the company will have the same amount of debt as it has funds to pay it.
Of course, those numbers all hinge on excluding Volvo from the picture. Total revenue for the third quarter of 2010 was $29 billion, which is around $1.3 billion less than the same period of 2009. If you nix Volvo revenue from the picture, however, the Ford bottom line increases by the $1.7 billion mentioned above. Hit the jump for the full press release.
[Sources: Ford, Automotive News, The Detroit Bureau | Image: AP/Paul Sakuma]Continue reading Ford posts sixth consecutive quarterly profit
Ford posts sixth consecutive quarterly profit originally appeared on Autoblog on Tue, 26 Oct 2010 09:27:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
More...