Ford surprises with $1B profit; sees profit in ’11
By Associated Press
Monday, November 2, 2009 -
Monday, November 2, 2009 -
DEARBORN, Michigan — Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
The automaker said today earnings were fueled by U.S. market share gains, cost cuts and the Cash for Clunkers program, which drew flocks of buyers to showrooms this summer. Ford’s shares rose 53 cents, or 7.6 percent, to $7.53 in afternoon trading.
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