The Ford Motor Company reported Monday a third-quarter profit of $997 million, making this the company’s first profitable quarter in North America in more than four years.
Ford is the only Detroit automaker to avoid bankruptcy this year. And until now, the company’s goal had been to break even or earn a full-year profit by 2011. On Monday, Ford said in a statement that it “now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow.”
“We are very pleased with the progress we have achieved so far this year, and we have increased confidence in our ability to deliver on our plan,” said Alan R. Mulally, Ford’s chief executive. “Ford faces significant challenges ahead, but we remain confident that we have the right plan and are taking the right actions to transform Ford into a lean company that delivers profitable growth for all of its stakeholders.”