On Friday, January 28, 2011 Ford Motor Co. posted its best annual income report in more than a decade, but forecasters were still disappointed by the numbers, which were the highest since 1999.
Earnings for 2010 were up to $6.6 billion, far exceeding the $2.7 billion the company made in 2009. In 1999, Ford's earnings were $7.2 billion. The company's revenue for 2010 was $120.9 billion, up from $4.6 billion in 2009.
During 2009, Ford did sell off it's Volvo brand. When Volvo sales are excluded from the figures, revenue rose $17 billion of 15 percent. The fourth quarter operating profit was $1.2 billion or 30 cents a share.
Ford recaptured its position as number 2 automaker in terms of U.S. sales in 2009 and is the only American automaker who did not take a federal bailout or file for bankruptcy at the height of the recession and the automotive industry crisis.
Still, analysts had predicted the company would show earning of 48 cents a share and the lower figure of 30 cents did cause Ford shares to fall in active trading. Still, the gains are impressive and point to an overall recovery in the automotive sector that is expected to gain in momentum during the year.
Over the past year, Ford benefited from the woes that befell foreign rival Toyota, which lost market share after a disastrous series of recalls involving more than 15.5 million vehicles since November 2009. Consumers lost confidence in the brand and returned to domestic makers, with Ford picking up the lion's share of sales.