It is a hard cold fact that if our local auto-makers suffer we all suffer. So it is refreshing and encouraging to read number like this. Greatly improved numbers are coming from GM and Chrysler too. This will ripple across our economies on both sides of the straits. It has been a long hard journey to this point, so let's enjoy the moment. [clink]
Ford reported strong fourth-quarter earnings today in closing out the automaker’s most profitable year since 1998.
The automaker had a net income of $13.6 billion or $3.40 a share in its 11th consecutive quarterly profit - far exceeding the final months of 2010 when earnings fell 79% to $190 million. But operating profit for the quarter was $1.1 billion or 20 cents a share, a decrease of $189 million on sales of 1.4 billion vehicles.
“The quarter was driven by North America,” said Chief Financial Officer Lewis Booth, the only region not affected by deteriorating environmental conditions.
This year’s final months were hampered by flooding in Thailand, the continuing economic crisis in Europe and additional labor costs associated with the new United Auto Workers contract negotiated last fall.
Link to full Freep Article
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