Ford increased its profit by 68% in third quarter

U.S. carmaker Ford has announced a net quarterly profit above expectations of 1.7 billion dollars in the third quarter of this year, it was the sixth consecutive quarter in which Ford has made a profit.

Ford said that its net profit rose by 68% from U.S. $ 997 million, or 26 cents per share in third quarter 2009, up from 1.7 billion, or 43 cents per share in third quarter of this year. Analysts surveyed by Thomson Reuters they counted on a profit of 38 cents per share, according Agerpres.

Revenues decreased by three percent to 29 billion dollars from 30.3 billion U.S. dollars. But if we exclude income division Volvo, Ford revenues increased by 1.7 billion dollars.

Ford, which is expected to be quite profitable in 2010, has announced that it has paid debts worth two billion dollars in the third quarter and Friday will also pay $ 3.6 billion representing the remaining debt to fund health insurance United Auto Workers union (UAW).

For operations in Europe, Ford reported a loss of 196 million dollars, compared with profit of 131 million dollars obtained in the same period last year. The decline this year primarily reflects the industry's low volume, market share and high costs, including structural costs to support product launches, technology investments. Third quarter revenues were 6.2 billion dollars, down from 7.3 billion dollars last year.

Source: http://www.ford.com/