Ford first-quarter profits doubled
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Manufacturing News, Source : North American Industry
Published : 12 May 2004 15:34
Dearborn, MI-based Ford, the second-largest automaker in the United States and the third-largest worldwide, reported a first-quarter profit of $1.95 billion companywide, more than doubling its first-quarter profits of a year ago.
Ford’s North American automotive business alone was $1.96 billion, up from $1.2 billion a year ago. Ford also cut costs by $600 million in the quarter, easily surpassing its cost-reduction goals for the entire year.
“This is the best quarter we’ve achieved since we began our back-to-basics efforts more than two years ago,” said Ford Chairman and CEO Bill Ford in a statement, “and it clearly demonstrates our plan is working and building momentum.”
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