Ford’s (F) Surprise Profit Stirs Hope for Auto Industry
Maura Lockwood, Cabot Headline News
November 03, 2009
Ford Motor (F) reported an unexpected third quarter profit of nearly $1 billion, raising hopes that the auto industry is beginning to come out of its slump, the Wall Street Journal reported.
Ford’s profit is the result of strength in its credit division, greatly improved North American operations and the weakness of its U.S. rivals, according to the Journal. The greater than expected profit suggests that the company’s efforts to reduce costs and improve its vehicle lineup is starting to impact the bottom line.
The only large automaker that did not require a U.S. government bailout, Ford also revised its forecast, saying the company would be “solidly profitable” in 2011, according to the Journal.
Among other auto companies, Honda raised it’s outlook for the fiscal year and Ford affiliate, Mazda, raised its outlook as well, the Journal reported.
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