Ford Posts $997 Million Profit, Still Down $1.3 Billion This Year

Ford's reporting a net income of $997 million, or 29 cents per share this quarter, an improvement of $1.2 billion from third quarter, 2008. So what? They're still in the operating red by $1.3 billion this year. Analysis below.

Keep in mind that despite a $997 million profit this quarter, it's an aberration more than a real sign that Ford's fully turned around. First, this big showing comes in large part from Cash for Clunkers — both here in the U.S. and in Europe. Secondly, Ford's still showing a net $573 million loss through the first three months of the year — including special items. NOT including special items, they've lost over $1.3 billion. So, good work by Ford this quarter, but in no way does this signify Ford's out of the water.

And don't even get me started on that SAAR number they're predicting for the rest of 2009 and 2010.

Press release and commentary in the gallery of slideshow pages below.