After months of struggling through a tumultuous economy without the cushy guarantee of a federal bailout, Ford’s fight has finally yielded some profit. According to the company release circulated this morning, Ford posted pre-tax operating profits totaling $1.1 billion for the quarter, marking the first such profit since the first quarter of 2008. After tax, Ford’s net income is still a respectable $997 million, or 29 cents per share, which is excellent news for any particularly enterprising individuals who had the foresight to snap up stock when it was selling for a dollar a pop.
Providing even more positive news for long time proponents of the Blue Oval, Ford stresses that today’s surprisingly good news is more than just a flash in the pan. “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.”
Now if you’ll excuse you, we need to go check our E*Trade portfolio.
Image Cred: Reuters Pictures