The carmaker announced it had a third quarter net income of $1.7 billion and a pre-tax operating profit of $2.1 billion. Both figures represent a major improvement compared to the figures reported for the same period last year.
As far as its products go, the carmaker sold 1.3 million units, an increase of some 91,000 units compared to last year, that excluding the recently sold Swedish manufacturer Volvo.
“This was another strong quarter and we continue to gain momentum with our One Ford plan,” said CEO Alan Mulally, Ford CEO. “Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions."
The good results, despite the $1.3 billion decline in third quarter revenue ($29 billion for Q3 2010), has made Ford look with confidence at the future and announce additional automotive debt reduction, meant to strengthen the balance sheet.
The measures taken for debt reduction include paying down its revolving credit line by $2 billion in the third quarter; pre-payment of the remaining $3.6 billion of debt owed to the VEBA retiree health care trust by this Friday and conversion offers on two convertible debt securities in Q4.
“The key drivers for improvement in 2011 will be our growing product strength, a gradually strengthening economy and an unrelenting focus on improving the competitiveness of all our operations,” Mulally added.
The full details of Ford's results can be found in the PDF attached below.
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