Ford’s fiscal fortitude continues through the third quarter of 2011. According to the automaker, the company earned $1.6 billion in the third quarter — a solid result, although that figure is actually down $111 million compared to the third quarter of 2010.
The company says it “continues [to build] a foundation for global growth.” The company grossed $33.1 billion in revenues for the last quarter, 4.1 billion more than in the same period last year. Pre-tax profit for the company’s automotive operations was allegedly $1.3 billion, which is $45 million higher than in the third quarter of 2010. Positive cash flow was $400 million, and the company reduced its long-term debt by $1.3 billion. Ford has $20.8 billion in cash at hand, $1.2 billion less than the second quarter of this year.
The company continues to show moderate profit in a slow auto market recovery, while spending significantly on new models.
“We remain well on track to deliver improved full year pre-tax operating profit and Automotive operating-related cash flow, consistent with our guidance,” Booth, Ford’s chief financial officer, said in a prepared statement. “Our liquidity remains strong, and we will continue to take actions when appropriate to strengthen our balance sheet.”