The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better.
From a Jan 06 article: "DETROIT — Ford Motor Co. (F) on Monday said it will cut 25,000 to 30,000 jobs in North America by 2012 and plans to idle 14 manufacturing facilities, in what it hopes to be a long-term turnaround for the No. 2 automaker."
In a perfect world no one would lose their job to maintain a company's viability, but as we should all know by know this ain't a perfect world. Looks like Ford's strategy is working, as opposed to GM and Chrysler who appeared to have no strategy.
Of the three US Auto makers, Ford was the only one to avoid a "bailout", as well as bankruptcy court. From a business standpoint, Ford did much better than the other two. If you were to invest in the stock of GM and Ford, which do you think is going to have a better chance of being in better shape in 5 or 10 years?
I wish my bank account could see a 'surprise' $1 billion balance. It must've been a tightly held secret or the analysts were way off base on this one. But hey, what's a billion between friends?
Regardless, good for Ford. At least one of the domestics has its act together.
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