DEARBORN, Mich. — Defying economic conditions that sent its U.S. rivals into bankruptcy court, Ford 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 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.
Ford chief executive Alan Mulally said 2009 was “pivotal” but that Ford has work to do.
Ford’s 2009 net income was 86 cents per share. It lost a record $14.6 billion, or $6.50 per share, in 2008. Excluding special items, Ford’s earnings per share for the year were flat.
In the fourth quarter, it earned $868 million, or 25 cents per share, compared with a loss of $5.9 billion a year earlier. Quarterly revenue of $35.4 billion was up 22 percent.
