Ford Shocks Street With $2.3B Profit

By Jason Farago,  Newser Staff
Posted Jul 23, 2009 6:39 AM CDT
Ford Motor Co. posted a surprise second-quarter profit of $2.3 billion, due mainly to a huge gain for debt reduction.   (AP Photo/Paul Sancya, File)
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(Newser) – Ford surprised the markets today by posting a $2.3 billion quarterly profit, thanks mostly to debt restructuring actions, Reuters reports. The result beat estimates and represents Ford's first good quarter in more than a year; this time in 2008, the automaker lost $2.7 billion. But the global downturn that pushed Chrysler and GM to bankruptcy is still biting Ford—without the debt reduction the company would have posted a narrow loss.