Ford's 2010 net is best in a decade; Q4 drops on actions to cut debt
DETROIT -- Ford Motor Co. today posted a $6.56 billion profit for 2010, its highest annual net income in more than a decade, fueled by improved products and pricing.But its fourth-quarter profit plunged, due to actions to pay down debt that Ford took on before the financial crisis hit.
The automaker also confronted rising costs for launching new vehicles and suffered an unexpected loss in Europe.
“We're in transition mode now,” Ford CFO Lewis Booth said during a media briefing today, predicting that 2011 will be more profitable than 2010. “We've fixed the fundamentals of the business. I think the thing that pleases us immensely is the improvement in the balance sheet.”
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