Ford Reports Near $1 Billion Net Income Last Quarter

Price reductions on models such as the Ford Taurus helped Ford to major Q3 sales.

Price reductions on models such as the Ford Taurus helped Ford to major Q3 sales.

Bloomberg reports today that Ford has posted a surprising third quarter 2009 net income of $997 million – the company’s first operating profit since early 2008 – on the back of higher sales spurred by competitive pricing. The move bolsters confidence in Ford, which was the only of the “Big Three” automakers not to receive government protection in 2009. In fact, Ford CEO Alan Mulally said that he anticipates Ford will be “solidly profitable” in 2011.

“Ford is a company that’s well into a turnaround,” said Bernie McGinn, president of McGinn Investment Management of Alexandria, Virginia, which owns about 320,000 Ford shares. “They did it by themselves and didn’t take government money. That gives people a good gut feeling and they’re being rewarded for that.”

With price cuts on models such as the Ford Taurus and Ford F-150, the company’s U.S. market share increased to 15.8 percent for the first nine months, compared with 14.8 percent from a year earlier, according to researcher Autodata Corp. of Woodcliff Lake, New Jersey.

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