(AP) — Ford Motor Co.’s third-quarter net income rose 68 percent as it grabbed a bigger share of the U.S. auto market and buyers paid more for its highly-rated cars and trucks.
It was Ford’s sixth straight quarterly profit and the company’s best third-quarter performance since at least 1990.
Ford CEO Alan Mulally said popular new cars, such as the Ford Fiesta subcompact and Ford Edge wagon, and aggressive cost-cutting helped the company make money despite lower global sales.
The automaker said it expects to end the year with as much cash as it has debt, a year earlier than it had previously forecast.
Ford, which four years ago mortgaged its factories, blue oval logo and other assets to fund a huge restructuring, said it paid off $2 billion in debt in the third quarter and expects to pay off an additional $3.6 billion for retiree health care on Friday. Ford’s debt will stand at $22.8 billion after those two actions. It has $20.3 billion in cash. More
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