"Ford Motor Co. today reported (third-quarter) net income of $997 million, or 29 cents per share, compared with a net loss of $161 million, or 7 cents per share, a year ago," the Detroit Free Press writes.
It adds that:
Ford reported an operating profit off $873 million, or 26 cents per share during the third quarter, easily outperforming Wall Street's expectations. An operating profit is a company's earnings from ongoing operations before interest and taxes.
The Detroit News says the news has "stunned Wall Street," which "had been expecting the Dearborn automaker to lose 12 cents a share, according to a survey of 11 analysts by Thomson Reuters. Ford lost $129 million during the same three-month period a year ago."
In a statement, Ford CEO Alan Mulally says:
"Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy. 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."
The News adds that:
Ford's third quarter results received a much-needed boost by the federal government's "cash-for-clunkers" program, and by similar stimulus schemes implemented in other countries. But sales are still dramatically lower than they were before the economic crisis began.
Unlike GM and Chrysler, Ford was not shored up by federal bail-out money last year. The company said it did not need such funds.
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