Barely a week after getting union approval for a new 4-year contract that should ultimately reduce its labor costs, Ford Motor Co. announced a $1.65 billion net profit, or 41 cents a share, for the third quarter of 2011. It marks the Detroit carmaker’s tenth consecutive quarter in the black.
But the latest numbers marked a slight decline from year-ago earnings, which totaled $1.69 billion. And the results for the July – September period were down even more sharply from the second quarter of this year, when Ford reported a $2.4 billion net profit.
But Ford had previously signaled it might have a weaker quarter, reflecting not only the cost of launching new products but also the impact of rising commodity prices.
“We delivered solid results for the third quarter despite an uncertain business environment,” contended CEO Alan Mulally, in a prepared release.