Today the only US automaker to not need government assistance, nor need to file for bankruptcy shocked investors after reporting an almost one billion dollar third quarter profit. In addition, the company also predicts profits through 2011.
Profits are being attributed to cutting costs, Cash for Clunkers and an increase in share gains. Ford shares jumped nearly ten percent in early trading.
In 2008, Ford posted a loss of nearly fifteen billion dollars and had not shown a gain since 2005. The company did make a profit in the second quarter, but that was mostly due to debt reductions, which decreased interest payments.
