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Ford (F) posts surprising profit for its third quarter

Posted Nov 2nd 2009 8:20AM by Michael FowlkesMichael Fowlkes RSS Feed
Filed under: Before the bell, Earnings reports, Forecasts, Good news, Ford Motor (F)

American auto maker Ford Motor (NYSE: F) gave investors a reason to smile this morning when it posted a surprising $1 billion profit for its third quarter.

Going into this morning's earnings release, analysts had expected to see the Dearborn, Michigan-based auto manufacturer to lose 12 cents per share. But Ford had other ideas, posting a profit of 29 cents per share, or $997 million.

The good quarter was a result of effective cost cutting, gains in domestic market share, and a nice boost from this summer's "cash for clunkers" program.

Looking ahead to next year, Ford is also much more optimistic than it has previously been. Before this morning, the company was forecasting that 2011 would be break-even or a little better, but now the company says that it will be "solidly profitable" next year.

The stock is moving strongly higher in premarket trading, and is currently being traded up over 8% in early morning action following today's earnings.

Tags: auto makers, AutoMakers, cars, cash for clunkers, CashForClunkers, Dearborn, earnings, F, featured, Ford

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Last updated: November 22, 2009: 01:03 AM

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