Just a few years ago it would have been hard to imagine, but with much of the country still struggling to pull itself from a recession the Ford Motor Company has just posted a record Q3 profit of $1.7 billion. The American automaker has said it will use the funds to being reducing debt in a move to further improve its economic standing, with debut payments totaling $10.8 billion for the year, resulting in a zero ‘net debut’ situation (the same amount of debut as cash) by 2011.
Ford will also push ahead with plans to increase production by 20,000 vehicles as demand for the automaker’s products rise.
“Delivering world class products and aggressively restructuring our business has enabled us to profitably grow even at low industry volumes in key regions,” said CEO Alan Mulally in a statement. “The key drivers for improvement in 2011 will be our growing product strength, a gradually strengthening economy and an unrelenting focus on improving the competitiveness of all our operations.”
This latest news makes for six straight quarters of profit for Ford and is the result of numerous factors that include taking extraordinary measures to leverage the company’s assets (including their own logo); the roll-out of impressive new products and a plan to sell off the company’s other divisions (including Volvo, Land Rover, Jaguar and Aston Martin) that helped it avoid filing for bankruptcy.
[Source: Automotive News]