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Nov 2, 2009 9:06 AM by Associated Press

Ford reports surprise $1 billion 3Q profit

Ford Motor Co. says it made nearly $1 billion in the third quarter, fueled by U.S. market share gains,
cost cuts and the government's Cash for Clunkers rebates. The Dearborn, Mich.-based automaker posted net income of $997 million, or 29 cents per share.

Ford says it now expects to be "solidly profitable" in 2011. Previously Ford said it would be break-even or better.

Ford's key North American division posted a pretax profit of $357 million, its first quarter in the black since the first quarter of 2005. The earnings came despite an $800 million revenue drop compared with the third quarter of last year. But Ford said it cut structural costs by $1 billion during the quarter.

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