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Automotive Industry
AUTOS: Ford Made Money During 2009
Automaker announces first profitable year since 2005, helped by fourth-quarter sales, reduced costs and restructuring of debt.
SPEED Staff  |  Posted January 28, 2010   Dearborn, MI
Alan Mulally, Ford President and CEO, called 2009 a "pivitol year" for the automaker. (Photo: Ford)
Ford Motor Company rallied to a profit during 2009 after three years of heavy losses, helped out by improved fourth-quarter sales, cost reductions, restructuring of debt and strong Ford Credit results, the automaker reported Thursday.

Net income for 2009 was $2.7 billion, compared with a loss of $14.8 billion in 2008. Net income for the fourth quarter was $868 million compared with a loss of $5.9 billion for the fourth quarter of 2008.

Company officials forecast that Ford would be “profitable for full year 2010 on a pre-tax basis,” according to a Ford statement.

“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,” Ford President and CEO Alan Mulally said in the media release.

Ford’s improvement in 2009 came in the face of a recession that severely reduced auto sales to a level not seen since the early 1980s.

“We delivered very encouraging results in the fourth quarter and for full-year 2009 despite severe economic headwinds, although our transformation remains a work in progress,” said Lewis Booth, Ford executive vice president and chief financial officer. “We are committed to staying absolutely focused on executing our plan to deliver profitable growth.”

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