Filed under: Ford
announced this morning that the company earned net income of $190 million in the fourth quarter of last year, which is actually down sharply from the $886 million earned in the same quarter a year ago. The reason for the dip, however, is a good one, as Ford took on $960 million in debt reduction charges during the quarter, which ultimately reduced the company's debt by $1.9 billion.
It's a different story for last year as a whole, as Ford is reporting a $6.6 billion, that's with a 'b', profit for all of 2010 - Ford's best fiscal performance in over a decade. This means the Blue Oval has $20.5 billion in gross cash on hand, while it's debt has been reduced to $19.1 billion. Over the course of last year, Ford reduced its debt by a total of $14.5 billion or 43 percent, all of which was taken on before the financial crisis and used to weather the storm of uncertainty.
Ford's full-time work force will also be happy to hear that the company's financial performance last year means healthy profit sharing in the form of approximately $5,000 for each employee. Ford also announced that it's raising its first-quarter production plan in North America by 15,000 units to 650,000, which means even more job security for those on the assembly room floor.
[Source: Ford, Automotive News
- sub. req.]Continue reading Ford earned $190M in Q4, $6.6B in 2010
Ford earned $190M in Q4, $6.6B in 2010
originally appeared on Autoblog
on Fri, 28 Jan 2011 10:27:00 EST. Please see our terms for use of feeds
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