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| One-time gain boosts Ford results | One-time gain boosts Ford results |
| (about 7 hours later) | |
| Ford, the only one of the "Big Three" US carmakers not to have gone bankrupt, has reported a quarterly profit of $2.3bn (£1.4bn). | Ford, the only one of the "Big Three" US carmakers not to have gone bankrupt, has reported a quarterly profit of $2.3bn (£1.4bn). |
| However, the profit was largely due to one-off gains related to debt restructuring, with demand for new cars remaining weak. | However, the profit was largely due to one-off gains related to debt restructuring, with demand for new cars remaining weak. |
| Excluding the gain, Ford said it made an operating loss of $424m. | Excluding the gain, Ford said it made an operating loss of $424m. |
| Ford boss Alan Mulally said the business environment was "extremely challenging" worldwide. | Ford boss Alan Mulally said the business environment was "extremely challenging" worldwide. |
| Despite the economic downturn, Ford said it gained market share in all the regions in which it sells cars when compared with the second quarter of 2008. | Despite the economic downturn, Ford said it gained market share in all the regions in which it sells cars when compared with the second quarter of 2008. |
| "While the business environment remained extremely challenging around the world, we made significant progress on our transformation plan," said Mr Mulally, Ford's chief executive. | "While the business environment remained extremely challenging around the world, we made significant progress on our transformation plan," said Mr Mulally, Ford's chief executive. |
| "Our underlying business is growing progressively stronger as we introduce great new products that customers want and value, while continuing to aggressively restructure our business and strengthen our balance sheet." | "Our underlying business is growing progressively stronger as we introduce great new products that customers want and value, while continuing to aggressively restructure our business and strengthen our balance sheet." |
| The figures were better than analysts had expected and Ford shares rose 7.5% to $6.98 in New York. | |
| The profit figure included a $3.4bn gain related to measures taken to restructure its debt obligations, Ford said. | The profit figure included a $3.4bn gain related to measures taken to restructure its debt obligations, Ford said. |
| Revenue declined $11bn to $27bn. | Revenue declined $11bn to $27bn. |
| Although Ford has managed without a US government bail-out, it has not escaped unscathed from the financial crisis and economic downturn. | Although Ford has managed without a US government bail-out, it has not escaped unscathed from the financial crisis and economic downturn. |
| The company has cut tens of thousands of jobs and closed factories to reduce costs. | The company has cut tens of thousands of jobs and closed factories to reduce costs. |
| It is also considering the sale of its Swedish brand Volvo to raise cash, after already selling off its luxury European brands Jaguar and Aston Martin. | It is also considering the sale of its Swedish brand Volvo to raise cash, after already selling off its luxury European brands Jaguar and Aston Martin. |