Huge Profit Coming Ford's Way
According to Freep, citing several Ford officials, including the company's chairman Bill Ford, the total profit for 2010 Ford is expected to post on Friday will reach a staggering $8 billion.
"We are in a different mode now - of growth," Bill Ford was quoted as saying by Freep. His words were accompanied by those of Jim Farley, group vice president of global marketing, who said that the One Ford strategy was no longer about saving the company, but about growing to a whole new level.
The huge profit will be somewhat diminished by what Ford calls a one time charge. Resulted from the elimination of a $1.9 billion in debt, the charge will trim Ford's profits by about $960 million.
The good performance in 2010 already made the car maker announce it would give profit-sharing bonuses to employees. It will, however, not give any merit pay increases this year.
"In our most recent review of our compensation against these benchmark companies, Ford and Ford Credit base salaries in the U.S. and Canada were found to be competitive. Consequently, we are announcing there will be no 2011 merit pay increases for salaried employees in the U.S. and Canada," Ford said in a memo a week ago.