<p>The automaker also expects to be ‘solidly profitable’ in 2011. Ford, the only large US automaker to avoid bankruptcy in 2009, reported its first operating profit since the first quarter of 2008 with $1.3 billion in automotive cash flow in the third quarter.<br /><br />Ford reported a net profit of $997 million, in the third quarter, compared with a net loss of $161 million, a year earlier. Ford said its third-quarter revenue fell 3 per cent, to $30.9 billion, as a result of the industry’s sales slump. The company’s sales in the United States are down 22 per cent this year through September, the smallest decline among the six largest automakers; the industry is down 27 per cent over all. Last year, Ford lost $14.6 billion, the most in its history. Despite its improvements, Ford remains heavily in debt. It borrowed $23.5 billion in 2006, a move initially viewed as an ominous sign of its future prospects but which turned out to be extremely fortunate after the credit markets collapsed.</p>
<p>The automaker also expects to be ‘solidly profitable’ in 2011. Ford, the only large US automaker to avoid bankruptcy in 2009, reported its first operating profit since the first quarter of 2008 with $1.3 billion in automotive cash flow in the third quarter.<br /><br />Ford reported a net profit of $997 million, in the third quarter, compared with a net loss of $161 million, a year earlier. Ford said its third-quarter revenue fell 3 per cent, to $30.9 billion, as a result of the industry’s sales slump. The company’s sales in the United States are down 22 per cent this year through September, the smallest decline among the six largest automakers; the industry is down 27 per cent over all. Last year, Ford lost $14.6 billion, the most in its history. Despite its improvements, Ford remains heavily in debt. It borrowed $23.5 billion in 2006, a move initially viewed as an ominous sign of its future prospects but which turned out to be extremely fortunate after the credit markets collapsed.</p>