Ford’s roller-coaster ride continues with almost $1 billion third quarter profit
It’s never boring reporting about the company Henry built. First, Ford became the only big US car manufacturer to dodge bankruptcy in 2008, then it appeared to be winning even more, after striking a deal with union leaders to cut costs across the board. But then, the high turned to a low, with unions telling their own leaders to go jump into Lake Michigan, as we reported yesterday. But another day brings another turn - this time a good one for Ford as the company reported a surprise $997 million quarterly profit, spurred by the first money-making quarter for its North American operation in four years, that in turn was helped immensely by the US government’s Cash-for-Clunkers programme. Crucially, Ford reported $23.8 billion in cash reserves and it expects to make a solid full-year profit in 2011. Now, if only the unions would climb on board... Read more: New York Times, BusinessWeek
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