US car giant Ford Motor company today said that it had swung into profit of $997m in the third quarter and said it was on track for a solid recovery.
Ford, the number-two US car maker, reported net income of $997m in the third quarter, a gain of $1.2 billion from the same time last year. Overall pre-tax operating profit totaled $1.1 billion, the first quarterly profit since the first quarter of 2008, the company said.
For the key North America market, the company posted a pre-tax operating profit of $357m, swinging into the black for the first time since the first quarter of 2005.
Ford is the only Detroit Big Three car maker that refused to take government aid to cope with a US car sales dive amid the worst recession in decades and, unlike rivals General Motors and Chrysler, did not go bankrupt this year.
'Strong new products, structural cost reductions and improved results at Ford Credit lifted the company's results despite continued weak global economic conditions,' the company said in a statement.
'Ford now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow,' it added.
