Ford posts first annual profit in four years - Carmaker says it made $2.7 billion in 2009

[jefferson_dem]

Source: AP

DEARBORN, Mich. - Ford Motor Co. made $2.7 billion in 2009, its first annual profit in four years, the company said on Thursday.

Ford said it benefited from cost-cutting, debt reduction and popular cars and trucks like the Ford Fusion sedan and Escape SUV. It's enjoying customer goodwill for avoiding bankruptcy and refusing federal aid.

Ford's net income of 86 cents per share rose from the year before, when it lost a record $14.6 billion.

In the fourth quarter, Ford says it earned $868 million, or 25 cents per share. That is up $6.8 billion from a year earlier. Ford earned money in three of the four quarters last year.

Ford said it expects to be profitable next year as well and gained market share in North and South America and Europe, despite the economic downturn.

Read more: http://www.msnbc.msn.com/id/35120748/ns/business-autos/

[zbdent]

1. for those who will remind us that Ford didn't get the loans like GM (incorrectly

labeling it as the "bailout") ...

Ford received $1 billion under George W. Bush ... under the aid to "small businesses" ...

[OnlinePoker]

10. Was this a loan or was the money just given to them?

I believe the U.S. government actually took an equity stake in GM and Chrysler prior to funneling taxpayer money to save them. Ford didn't accept any funds under the same constraints, electing instead to work through their issues to become a stronger company. I'm curious as to what the original Ford loan(?) was for and if it has been paid back.

[Romulox]

11. Nonsense.

:hi:

[NorthCarolina]

13. Google came up empty on this 1 billion aid to Ford under GWB. Can you provide a link?

I don't recall ever hearing this before. I know they received a loan from the Department of Energy for development of "green" cars, as did Nissan, but that was a loan and not "aid".

I applaud Ford for their management during this economic crisis. Not only did they not receive bailout funds, they had 2 vehicles listed in the top 10 most reliable vehicles for 2009, and the Ford Fusion is Motor Trends car of the year for 2010. I'd say those are statistics to be proud of.

[quiller4]

16. Wrong. Ford took a $5.9 billion loan subsidy in June 2009 under the EISA

program. Ford began making accelerated loan payments in September 2009. The Ford loan underwrote retooling of an Illinois plant.

Under this same green energy program Nissan and Tesla received $1.6 billion and $64 million.

[zbdent]

17. oh, crap ... I hate it when my circuits short

and I merge several points into one ...

my apologies ...

[Blue_Tires]

2. good for them....

Ford is still reminding us that 'product is king'

I'm anxious to see GM's answer

[newtothegame]

3. Sounds like evil corporate America. n/t

[MARALE]

4. I think it is becasue of the Dirty Jobs Guy

Since he has been doing the commercials, their profit has gone up :)

[Johnny Harpo]

5. With Toyota Severely Bleeding Right Now Ford Stands To Do Very Well

n/t

[Kolesar]

7. Resale values of Toyotas just ran into a ditch

with the engine still running

[Dappleganger]

12. Nice metaphor.

[liberal N proud]

6. An American company back on top

Good for Ford and its employees.

[Titanothere]

8. Outstanding, GM has a lot to learn from them

If my wife hadn't had such a bad experience with her Canadian built 1997 Explorer, I would have bought her a Ford this go-around. As it was we went with a Mazda CX9, which still has a little Ford in there somewhere. Nice car.

[Raschel]

9. Ford has been ridding themselves of the higher paid union members and changing their health care

coverage too.

[blue_onyx]

14. So has GM and Chrysler

Everyone told the US automakers they needed to be competitive with the foreign companies. People got want they wanted...lower paying jobs and fewer benefits.

[SnowCritter]

15. Was never a big fan of Fords

but our current vehicle is a '99 Windstar (my wife insisted on it, and if mama ain't happy...). The cruise control failed about six months ago. In November we received a recall notice concerning a faulty speed control component indicating we should bring the vehicle in for inspection. When I finally got around to it a couple of weeks ago, the local dealer replaced the suspect component (free of charge, naturally) and, lo and behold, the cruise control worked again.

I've reversed my attitude on Ford products (I've owned several and was never too impressed). But if they can show this much attention to a vehicle that is 10 years old that we purchased used, then they're OK in my book.