Ford reports first profit since spring of 2008

Ford, the only Big Three automaker to not get a federal bailout, announced Monday it had made its first operating profit since the spring of 2008.

Ford announced $1.1 billion in pre-tax profits for the third quarter and income gains that far exceeded the expectations of industry analysts. It said it would be fully profitable in 2011.

“Our third-quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy,” Ford President and CEO Alan Mulally said in a statement.

The company has sought to contrast its decision not to take federal bailout money with General Motors and Chrysler, both of which took billions from the government. The other two members of the Big Three have had to deal with public criticism over the bailouts, with conservatives mocking GM as “government motors.”

Ford reported net income of $997 million, or 29 cents per share, despite a weak auto market in the U.S. and the world. The profit represented a $1.2 billion turnaround from the same period last year, according to Ford.

It said it had increased its market share in the U.S. by 2.2 percent compared to the third quarter of 2008.

Ford reported its overall revenue is down from 2008, and its profits are coming partly from restructuring.

Structural cost reductions in the third quarter totaled $1 billion, including $500 million in North America. Manufacturing and engineering costs worldwide were $500 million lower, which the company said reflected improved productivity and personnel reductions primarily in North America and Europe.

Pension and retiree healthcare costs were also lower, the company said. That reflected a new agreement with the United Autoworkers.

Overall, Ford said it had reduced automotive structural costs by $4.6 billion in the first nine months of the year.