DEARBORN, Michigan — The Ford Motor Company reported net income of $2.7 billion in 2009, its first full-year profit since 2005. The automaker lost $14.7 billion in 2008. Executives said they now expect the company to remain profitable — at least on a pre-tax basis — in 2010 and 2011.
Although Ford's revenues were down for the year, to $118.3 billion from $138.1 billion, it nearly doubled its cash reserves to $25.5 billion at year-end, reflecting the company's success at controlling costs and improving margins. However, Ford's debt remains a hefty $34.3 billion.
Business has been on the upswing around the globe. Ford was profitable in every region, including North America, and worldwide revenues in the fourth quarter rose to $35.4 billion, from $29.0 billion a year earlier.
"While we still face significant business environment challenges ahead, 2009 was a pivotal year for Ford and the strongest proof yet that our One Ford plan is working and that we are forging a path toward profitable growth by working together as one team, leveraging our global scale," said Ford CEO Alan Mulally.
Inside Line says: Ford's turnaround is even more remarkable considering that it didn't file bankruptcy, as did its crosstown rivals, nor did it require a massive taxpayer-funded bailout. — Paul Lienert, Correspondent
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gixxer1397 says:
10:52 AM, 01/29/2010
I have to say that Ford is the only American car I would by anything from. The 2011 Mustang rocks.
felonious says:
09:18 AM, 01/29/2010
Ditto what cumadogg said. I'm just waiting for the telescoping steering wheel on the Limited trim Flex and I'm buying one.
05stangdriver says:
02:19 AM, 01/29/2010
Ford has been pretty lucky, timing-wise, the last few years, but sometimes it's better to be lucky than good. The thing with Ford, though, is that they turned out to be both lucky AND good - they had great products start coming through the pipeline right when they needed them, and they had the foresight to not over extend themselves before the economic collapse the way Chrysler and GM were forced to do. Yes, I'm biased, as my screen name says, I drive a 2005 Mustang GT, but I really do feel that my car is what started Ford's turnaround. Not MY car, specifically, but when Ford introduced the '05 Mustang, it electrified the company, and made consumers who were on the fence about buying domestic or foreign really sit up and take notice that not all American car companies are totally brain-dead about creating exciting products.
Now, I'm looking forward to the 2012 Focus (I'm hoping to see a hotted-up RS version for the states!), and the Fiesta is quite intriguing as well. Keep up the good work, Ford!
eki79 says:
12:03 AM, 01/29/2010
I've always liked Ford... it's nice to see them doing well for a change.
says:
08:32 PM, 01/28/2010
this is impressive for Ford, i am rooting for them all the way. mr. mulally, good job & continue to lead FoMoCo back into the black.
icecubefosho says:
08:27 PM, 01/28/2010
A-Plan Leases?
charlesb says:
07:21 PM, 01/28/2010
I wouldn't buy a Ford with a machine gun at my back. I've had too many A-plan leases over the years that were utter rubbish.
94accord_lover says:
07:09 PM, 01/28/2010
I am a Honda owner and fan, and my family is a GM family. Given that, I am seriously considering a Fusion, Focus (2012), or Escape as my next car. What I have seen out of Ford these last few years have left me rather impressed. I never thought I'd say this, but I really like what Ford has to offer now.
hybris says:
06:49 PM, 01/28/2010
Hats off to you Ford.
ocramidajzj says:
03:09 PM, 01/28/2010
Yes nice Job Ford. Congratulations