Ford Nets $1.6 Billion for the Third Quarter of 2011

Ford Motor Company earned $1.6 billion in the third quarter of 2011, off $111 million compared to the third quarter of 2010. The company says it “continues building a foundation for global growth. Ford grossed $33.1 billion in revenues for the last quarter, $4.1 billion more than in Q3 ’10.

Ford says its automotive pre-tax profit was $1.3 billion, which is $45 million higher than Q3 2010. Positive cash flow was 400 million, and the company reduced its long-term debt by $1.3 billion. Ford has $20.8 billion in cash at hand, $1.2 billion less than the second quarter of this year.

The company continues to show moderate profit in a slow auto market recovery, while spending significantly on new models.

“We remain well on track to deliver improved full year pre-tax operating profit and Automotive operating-related cash flow, consistent with our guidance,”  Booth, Ford’s chief financial officer, said in a prepared statement. “Our liquidity remains strong, and we will continue to take actions when appropriate to strengthen our balance sheet.”

 

Source: Motor Trend