Ford Earns First Annual Profit in Four Years

2 years ago

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Ford announced it earned $2.7 billion last year, its first annual profit in four years, and the automaker said it expects to be profitable again in 2010.

"While we still face significant business environment challenges ahead, 2009 was a pivotal year for Ford," CEO Alan Mulally said in a statement Thursday.

Ford had previously said it didn't expect to be "solidly profitable" until 2011.

Ford arrived in the red thanks to broad cost-cutting, a $696 million profit in its credit arm, and growing sales of cars and trucks like the Fusion sedan and Escape SUV, the Associated Press reported.

Despite the worst sales climate in 30 years, the automaker also gained market share in North and South America and Europe, according to the AP.

Filed Under: Economy

Tagged: auto industry, AutoIndustry, Daily Guidance, DailyGuidance, Ford

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