Ford turnaround picks up speed

Ford Motor continued its successful turnaround as better-than-expected sales and profits easily outdistanced expectations and reversed the operating loss of a year ago.

…The results were the best quarterly results for Ford in six years and marked the fourth straight quarterly operating profit for the company, which had suffered more than than four years of steady losses before it returned to profitability in the second half of last year.Ford was the only major U.S. automaker not to go through bankruptcy in 2009, but its year-ago results were still hurt by overall weakness in the U.S. economy and one of the worst quarters of overall auto sales on record. It suffered an operating loss of $638 million, or 21 cents a share, in the year-earlier period.The company has been steadily gaining market share over the last year, with the introduction of critically-acclaimed new vehicles. A year ago it was behind both General Motors and Toyota Motor (TM) in U.S. sales, but it moved back in front of Toyota this year.Even better results ahead. “We are ahead of where we thought we would be despite the still-challenging business conditions,” said Ford President and CEO Alan Mulally in a…

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Ford turnaround picks up speed

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