Best profit in 11 years for Ford

Ford has reported a profit of $6.6bn (£4.1bn) in 2010 – its best performance in more than a decade.

Sales volumes climbed by 20% as the US carmaker credited an improving economy for increased demand for its F-Series pickup trucks.

Meanwhile, sales by value rose by 3% to $120.9bn.

The results represented Ford’s second consecutive annual profit – with more than twice its 2009 earnings – but still came in below market forecasts.

The company said it had made money in every region including Europe, where last year it lost money.

Ford is the only major US carmaker that did not take a government bail-out.

And the last time it achieved such a large profit was in 1999.

“This was Ford’s highest net income in more than 10 years, as strong products and new investments fuelled improvements in all of the company’s business operations around the world,” said the Michigan-based company.

The 2010 results included $853m in charges for reducing the company’s debt.

Source: BBC