With reduced costs, higher sales, better performance and increased consumer confidence, Ford Motor Co. posted third-quarter sales of $997 million.
That compares with a net loss of $161 million for the same period last year. While sales and profits remain well below historical normals, the profit beat Wall Street’s prediction that Ford would have lost 12 cents per share rather than the 29 cents per share it gained.
Besides the increased efficiencies and better products, Ford credited the success of the governments’ CARS, or “cash for clunkers,” program for stimulating vehicle sales.
Ford vehicles were in the Top 10 of those sold, and a recent Consumer Reports survey gave Ford products high marks in reliability from consumers. Of the Detroit Three, Ford is the only major U.S. automaker not to have taken government funds.