Ford reports surprise $1 billion 3Q profit

Green Lantern · #1 11-02-2009, 07:45 AM

Ford Motor Co. says it made nearly $1 billion in the third quarter, fueled by U.S. market share gains, cost cuts and the government's Cash for Clunkers rebates.
The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better.
Ford's key North American division posted a pretax profit of $357 million, its first quarter in the black since the first quarter of 2005.
The earnings came despite an $800 million revenue drop compared with the third quarter of last year. But Ford said it cut structural costs by $1 billion during the quarter. SOURCE
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Ford seems to be operating well, or at least better than some of the other manufacturers. That they posted a profit is good news but with the bubble of the Cash for Clunkers popped, will they be able to maintain the success?

Naomi · #2 11-02-2009, 02:43 PM

their stock went up today
I think they will maintain it GL
their quality has really gone up over the last few years and they are putting out some very nice cars

daisy-dog · #3 11-02-2009, 02:47 PM

I owned a 1988 Ford Taurus wagon. The quality was horrendous. Everything went wrong starting with broken bolts holding the crankshaft. I found out that Ford bought a shipment of faulty bolts.
I swore off Ford forever after that.
When it was new the dealer pulled the engine twice and replaced bolts. When they broke again they gave me a new short block.
But maybe I will reconsider after I follow their reliability reports for awhile.

Naomi · #4 11-02-2009, 03:21 PM

I’m very pleased to share with you some great results from the Consumer Reports’ 2009 Vehicle Reliability results that were released yesterday. Consumer Reports' press release reads: Ford has secured its position as the only Detroit automaker with world-class reliability.... About 90 percent (46 of 51) of Ford, Mercury, and Lincoln products were found to have average or better reliability.
The Consumer Reports survey measures vehicle quality in the first three years of service. The results show Fusion and Milan having better reliability than Toyota Camry and Honda Accord, and MKZ beating Acura TL and Lexus EX.
Not only do we continue to deliver consistent, strong initial quality results, but we can now claim excellence in long-term reliability. Superior craftsmanship is helping Ford establish a track record for reliability, while beating our Asian peers in the process.
Ford already holds the top spot in initial quality for having the fewest number of defects of any full-line manufacturer and is on par statistically with Toyota and Honda. Ford also is equal to Toyota in the percentage of customers satisfied with the quality of its products. [RDA Group’s quarterly GQRS results]

Superior reliability is the key to changing customer perceptions about our products. Fusion is helping to drive this change.

Ford is challenging long-held beliefs that only Asian or luxury manufacturers lead in long-term durability and reliability. This is no longer true, making this a very good time for consumers to consider Ford when considering their next purchase decision.
Two years ago, the Fusion was on the cover of the newsstand issue announcing the 2007 Consumer Reports’ Reliability Survey results. At the press conference, David Champion, auto test director for Consumer Reports, talked up Fusion and Milan's superb reliability results, but cautioned that the "real test" is how well the cars would perform over a three-year period.
Now they have their answer.
Long-term reliability is critical to strengthening our brand and developing greater levels of trust with car buyers.
Thank you all for your hard work and dedication. It’s paying off.

received this today

daisy-dog · #5 11-02-2009, 04:23 PM

That is what they said in 1988.
Ford is quality 1

I am going to wait a little longer. Meanwhile I am driving a Jap car.

daisy-dog · #6 11-02-2009, 04:28 PM

And in 1993 Ford said:

1993 Ford "Quality Is Job 1" Ad...

daisy-dog · #7 11-02-2009, 04:34 PM

I will bet she is on the unemployment line now.

Can you tell that I am still po'd at Ford?