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Ford Motor Co. (F) has reported its first annual profit in four years due to cost-cutting and improved market share.
Specifically, the automaker's 2009 earnings totaled $2.7 billion, or 86 cents per share, while the fourth-quarter earnings came to $868 million, or 25 cents per share.
Revenue for the quarter rose 22% from a year ago to $35.4 billion. Analysts surveyed by Thomson Reuters had estimated a profit of 26 cents per share on sales on $32.6 billion for the quarter.
"While we still face significant business environment challenges ahead, 2009 was a pivotal year for Ford," said CEO Alan Mulally.
Ford also said it would resume profit sharing for the first time since 2004, paying out $450 to each eligible employee. And Ford expects to be profitable in the current quarter and the full year.
In other news, Fords says it will halt some production in China after discovering that some vehicles contain gas pedals built by the same company behind the accelerators in Toyota Motor Corp.'s (TM) recent recall.
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Reader Comments (Page 1 of 1)
1-28-2010 @ 3:08PM
hhunt said...
I'm not a Ford man but hurray for them. Guess what!!!!!!! They didn't fail like the ones with their hands held out.
1-28-2010 @ 5:52PM
Iridium said...
Uh, yes they did fail with their hands held out, just not last year.
Ford took billions in handouts over the past decade. They also did receive a huge cash infusion from the alternative energy grants. That is the reason for the Fusion Hybrid. Since the development of that car was already done it doesn't take a genius to figure out that the Fed money went right to the earnings bottom line.
Ford still has massive amounts of debt and their balance sheet does not look good.
1-29-2010 @ 5:30AM
al coholic said...
Well it's hard to criticise Ford for using those grants. Ford is not out of the woods yet but they seem to be light years ahead of GM and Chrysler.
I do think we are looking at a different take on domestic autos though. A lot of people who were Honda and Toyota fans are taking another look at GM and Ford's new offerings. Especially in light of the highly publicised quality issues the imports have suffered lately. Toyota especially, since the Tundra truck engine issues and now this devastating halt to Camry production and sales due to the faulty accelerators.
Ford and GM have finally made cars that beat many foreign competitors in technology. And the old "buy American" campaign that never worked may gain from the current situation. I also like the more aggressive ads from GM and Ford.