Ford has reported a net profit of $868m in the fourth quarter of 2009, enabling the struggling car maker to show a $2.7 billion profit for all of 2009.
As a result, the number two US car maker recorded its first full year net profit since 2005. Ford said it expected to remain profitable in 2010, marking a faster than expected turnaround after years of steep losses.
'While we still face significant business environment challenges ahead, 2009 was a pivotal year for,' said Ford president and chief executive Alan Mulally. He said the company had also gained market share in most of its main markets.
The results represent a stunning comeback for Ford, the only member of the Detroit Big Three car makers to avoid bankruptcy and US government bail-outs.
The fourth quarter profit marked a sharp rebound from a loss of almost $6 billion in the same period a year earlier, and the full-year result was a swing to profit from a loss of a whopping $14.76 billion in 2008.
Ford's Q4 revenue was $35.4 billion, up 22% from a year ago. Revenue for the full year was $118.3 billion, a decline of $19.8 billion from 2008.
Ford, which imposed hefty cuts on employees during its massive restructuring, said the latest results would allow it to pay profit sharing to 43,000 US hourly employees under a 2007 agreement with the United Auto Workers union.
Ford also noted that it would not give executive performance bonuses, as previously announced, but that US salaried employees would receive merit increases this year.
