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SMALL BUSINESS
Ford Posts Surprise $2.3 Billion Profit
By KIMBERLY S. JOHNSON and TOM KRISHER
, AP
DEARBORN, Mich. -Ford Motor Co. says it posted a surprise second-quarter profit of $2.3 billion due mainly to a huge gain for debt reduction.
The profit is a vast improvement from the record $8.7 billion loss that Ford reported in the same quarter last year.
The Dearborn, Mich.-based automaker says it earned 69 cents per share, compared with a $3.88 per share loss for the same quarter in 2008. That was the worst quarter in company history.
But the latest profit comes because of a $3.4 billion gain due to debt reduction. In March Ford swapped stock and cash to reduce its loan and bond debt by $7.7 billion.
Without special items, Ford would have lost $424 million, or 21 cents per share. Analysts surveyed by Thomson Reuters expected a per share loss of 50 cents.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-07-23 07:07:00
COMMENTS ( 38 )
for your $$$ then on the Jap cap. Nice work Ford and the UAW!!!!!!!!!!!!
Buy American and save your jobs and country!!!!!!!!!!
I make a conscious effort to buy American. For example, when I replaced our appliances, I bought GE instead of LG (Korean). That said, it is hard to find American made products.
We do have a choice to buy cars that are manufactured in America by American workers and whose profits go to American companies, not Japanese, Korean, etc. companies. I've never bought a foreign car, and I never will. Further, I SMILE when people moan and complain about the economy, then get into their Toyotas and drive off. In my opinion, people who buy foreign cars are and always have been traitors to the American worker.