U.S. automaker, Ford, announced its first annual profit since 2005 on Thursday. Ford generated $2.7 billion in profit for 2009 and is optimistic about remaining in the black for the current year. Ford has been the only American carmaker to avoid Bankruptcy court.
Ford managed to make gains in the worst auto market since the late 70’s by expanding market share in North and South America and Europe. Cost cutting, job cuts and other drastic measures were taken to reshape the company to become profitable again.
Ford Chief Executive Officer Alan Mulally acknowledged this in a statement. "While we still face significant business environment challenges ahead, 2009 was a pivotal year for Ford," he said.
In morning trading, shares of Ford gained 11 cents, or 1 percent, to reach $11.66. Ford already exceeded analyst expectations though, making 43 cents per share before special items as opposed to the predicted 26 cents.
The company’s net income was also much improved at 86 cents per share following a loss of $14.6 billion in 2008.
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