Michigan Defying economic conditions that sent its U.S. rivals into bankruptcy court, Ford Motor Co. clawed its way to a $2.7 billion profit in 2009 and expects to stay in the black in 2010. It was the automaker’s first annual profit in four years.
Ford’s full-year revenue of $118.3 billion fell 14 percent from 2008, but the Dearborn-based automaker benefited from $5.1 billion in cuts to manufacturing, engineering and advertising and a $1.3 billion profit at Ford Credit. It gained market share in North and South America and Europe despite the worst U.S. sales climate in 30 years. Share in Asia was flat.
Ford CEO Alan Mulally said 2009 was “pivotal” but Ford has work to do.
“Ford’s transformation remains a work in progress and is far from complete,” he said in a conference call with analysts and media. Back in 2006, Ford was considered the weakest of the three domestic automakers.