- Ford Motor posts third quarter net income of $997m - an improvement of $1.2bn from the corresponding period last year.

Pre-tax operating profit totalled $1.1bn - an improvement of $3.9bn from a year ago and the firm's first pre-tax operating profit since the first quarter of 2008.

Ford North America posted a pre-tax operating profit of $357m, its first profitable quarter since the first quarter of 2005.

Ford said it reduced automotive structural costs by $1bn, bringing the total reduction to $4.6bn in the first nine months of 2009, and exceeding the full-year target of $4bn.

A strong product lineup drove market share gains in North America, South America and Europe as well as continued improvements in transaction prices and margins

Ford says it now expects to be solidly profitable in 2011, excluding special items, with positive operating-related cash flow.

Story provided by Business Financial Newswire