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Slashed debt pushes Ford to net profit

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The Tampa Tribune

Published: July 24, 2009

DEARBORN, Mich. - Helped by a lightened debt load, Ford Motor Co. posted a surprise second-quarter profit of $2.3 billion Thursday, after the worst loss in company history a year earlier. Shares rose 9 percent in afternoon trading.

The net profit ends a string of four straight quarterly losses for the nation's second-largest automaker, which has gained U.S. market share at the expense of rivals Chrysler Group LLC and General Motors Co., both of which spent time under bankruptcy court supervision.

However, excluding its debt reduction and other items, Dearborn, Mich.-based Ford would have reported a quarterly loss, though smaller than Wall Street expected.

Ford reported second-quarter net income of 69 cents a share, compared with a loss of $8.7 billion, or $3.89 a share, for the same quarter a year ago.

The Associated Press

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