Ford is back in the black! Henry’s Legacy, currently the No.2 US based automaker, reported its first profitable quarter since the second quarter of 2007. They handily beat the Street’s estimates, led by strong sales in Europe and a significantly narrower loss on this side of the Pond. Net income was $100 million, or 5 cents per share compared with a net loss of $282 million, or 15 cents per share 12 months ago. Ford’s profit from continuing operations was $525 million, or 20 cents per share, excluding special items. Analysts expected a loss of 14 cents. Ford reiterated full year guidance. The stock rose 88 cents today, to $8.40 – that’s an 11.7% gain. Not too bad for a company on death’s door. The fact that Europe is not falling apart is good news but the narrower loss in US sales is a little light at the end of the recession tunnel. Henry, they did good!
Tags: Analysts, guidance, net income, profit, recession, stock
Posted in Ford