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U.S. markets recover from steep losses
DEARBORN, Mich., Jan. 28 (UPI) -- Ford Motor Co. broke the profit barrier in 2009, making a $2.7 billion while U.S. rivals were restructuring in bankruptcy, the company said Thursday.
While General Motors Co. and Chrysler Group turned to the government for billions of dollars in aid, Ford ended the year with $25.5 billion in cash reserves, nearly twice the cash it had on hand at the end of 2008, The New York Times reported.
Chief Executive Officer Alan Mulally called the year "pivotal and historic."
In a conference call, Mulally said the company's accomplishments were made "during the worst economic recession in 30 or 40 years, because of the strength of the plan we put in place a few years ago."
Ford said it earned $868 million in the fourth quarter, a stark contrast to the $6 billion it lost in the fourth quarter of 2008. For two consecutive quarters, the company earned a profit in every geographical region, including the United States.
For the year, however, Ford lost ground in Europe, losing $226 million.
In addition, Ford Motor Credit, the financial arm that lends to dealerships and car buyers, made $1.9 billion in the year, after a loss of $495 million in 2008.
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