Ford surprises with US$1billion in profits

Ford, the only large U.S. automaker to avoid bankruptcy in 2009, said the third-quarter results were supported by cost-cuts, improved credit results and increased market share in North America and other key areas.

Ford burned through US$4.7 billion of cash in the first half of 2009 but reported US$1.3 billion of positive cash flow in the third quarter — its first positive cash flow since the second quarter of 2007. It said it expects positive cash flow in the fourth quarter as well.

“Our third-quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy,” Chief Executive Alan Mulally said in a statement.

Ford, which raised its 2011 outlook from a previous forecast for at least break-even, said it was confident the global economy would be improving by 2011. But it said the near-term growth outlook “remains rather uncertain.”

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