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Ford continues down the right track with a decent little 3Q profit...

Quote:Ford reports $1 billion 3Q profit; says it will be 'solidly profitable' in 2011
November 2nd 2009, Dee-Ann Durbin, Tom Krisher, THE ASSOCIATED PRESS


The Michigan-based automaker is reporting net income of $997 million, or 29 cents per share. Ford says it now expects to be "solidly profitable" in 2011. Previously the automaker said it would be break-even or better.

The positive earnings come as workers at Ford's Canadian factories voted on the weekend to accept a cost-cutting agreement with the automaker.

The Canadian Auto Workers union negotiated the concessions at Ford after reaching similar agreements earlier this year with General Motors and Chrysler.

Ford is the only one of the three big U.S. automakers that didn't get or seek government bailouts.

Its latest results signal that Ford's turnaround is on more solid ground. The company hasn't had a full-year profit since 2005.

The company lost more than $14.6 billion in 2008. While it made a profit in the second quarter of this year, that was mainly due to debt reductions that cut its interest payments.

Ford's North American car and truck division - its key business - posted a pretax profit of $357 million, its first quarter in the black since early 2005. Ford cited higher pricing, lower material costs and increased market share for the improvement.

The earnings came despite an $800 million revenue drop. But Ford said it cut costs by $1 billion during the quarter.

Ford still faces obstacles in its turnaround.

Last week, its U.S. workers overwhelmingly rejected an agreement with the United Auto Workers that would have brought Ford's labour costs in line with rivals General Motors Corp. and Chrysler LLC.

United Auto Workers members objected to clauses limiting their right to strike and freezing entry-level wages, and also felt the company was healthy enough and didn't need further concessions.

I'm curious to see what the breakout is between FoMoCo US and FoMoCo Canada.

After all the bloodletting that happened here, it wouldn't surprise me that the majority of the profits (or lower costs at least) came from the Canadian side of the ledger.

If true, that wiould certainly make the UAW's position far less acceptable since we know how many whacks the CAW here took when dealing with Ford.

NefCanuck

UAW turned down the offer from Ford in the US. CAW accepted, and are losing a plant. Ford makes a profit.............................if I was a Ford CAW member, I wouldn't be too pleased with my employer.

oldeguy,Nov 2 2009, 01:46 PM Wrote:UAW turned down the offer from Ford in the US. CAW accepted, and are losing a plant. Ford makes a profit.............................if I was a Ford CAW member, I wouldn't be too pleased with my employer.
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It wasn't the same contract that the two Unions were offered. The UAW one is worse in a few ways. Namely giving up the right to strike, which is really the union's only weapon. The right to strike is law in Canada. The company can't ask for us to give the right up.

We knew going into the meeting yesterday Ford was going to make a profit this quarter. Union workers don't begrudge our company making profits -- we want it because it guarantees the viability of our company and secures our jobs. Our biggest beef over taking concessions is that if the company is crying poor (and make no mistake -- it's still billions in the hole while GM and Chrysler shed their debt in the bankruptcy), then everyone should take the hit, including senior management. Last time I checked neither Mullaly nor Fields live in Detroit and fly home to Florida/California every weekend on the company's dime.

Funny how the union vote was scheduled Sunday over a week in advance and the day before profit were forecasted to come out for the company.
Interesting timing indeed.
Our union better get a backbone and be gunning for big bucks once this BS concession contract ends. Yes, I did vote yes for the benefit of having a plant around in Oakville well into 2020. But make no doubt about, if things don't turn around and soon for FORD, if we don't get the two new vehicles promised, hell hath no fury like a pissed off FORD worker.

Hey question, what is the price to buy a Ford stock? And where is the best place to go to do that??

Scorcher000,Nov 2 2009, 04:32 PM Wrote:Hey question, what is the price to buy a Ford stock? And where is the best place to go to do that??
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Ford Stock is at $7.58USD, one year ago it was at $1.43. B)

There are a few ways to buy stock, but it depends on your circumstance. I trade my Ford stock within my RRSP so that I can bury the profit to avoid paying the capital gains tax. The downside is the per transaction fee is high. You can find places that charge less but you pay tax on the gains. On the other hand you can also declare a loss.

cool thanx

Scorcher000,Nov 2 2009, 09:32 PM Wrote:Hey question, what is the price to buy a Ford stock? And where is the best place to go to do that??
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I don't know your background or education at all, but from the sounds of it you don't know much about stock trading at all. I'll share a few tips about stocks.
1) Do your homework, read and look at the financial statements from the past year of the company your looking to invest in. You are basically becoming a part owner of the company when you buy stocks.
2) Know the technical analysis of a stock, basically how its trading or trending over a long term. You can gain big, and lose bigger if you don't examine this.
3) Don't start with anything less than $5000 if your going to trade stocks, most of your cash will be eaten up by transaction fee, and if you trading on NYSE you have to watch the US dollar to Canadian Dollar exchange rate.

If you haven't understood any of this, go and find a professional and let them handle trading stocks for you, preferably someone who can explain whats happening. I will guarantee you that you will lose what you started with if you go it alone.

I've barely scratched the surface of stock trading.

FocusGuy7476,Nov 2 2009, 10:48 PM Wrote:

Scorcher000,Nov 2 2009, 09:32 PM Wrote:Hey question, what is the price to buy a Ford stock? And where is the best place to go to do that??
[right][snapback]296696[/snapback][/right]

I don't know your background or education at all, but from the sounds of it you don't know much about stock trading at all. I'll share a few tips about stocks.
1) Do your homework, read and look at the financial statements from the past year of the company your looking to invest in. You are basically becoming a part owner of the company when you buy stocks.
2) Know the technical analysis of a stock, basically how its trading or trending over a long term. You can gain big, and lose bigger if you don't examine this.
3) Don't start with anything less than $5000 if your going to trade stocks, most of your cash will be eaten up by transaction fee, and if you trading on NYSE you have to watch the US dollar to Canadian Dollar exchange rate.

If you haven't understood any of this, go and find a professional and let them handle trading stocks for you, preferably someone who can explain whats happening. I will guarantee you that you will lose what you started with if you go it alone.

I've barely scratched the surface of stock trading.
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ya i know all about the buy and loss program of stocks. I have a few different stocks on the EURO market where ur locked in for 5 years with out being able to move.
Thanx for the tips.