Ford expects solid profits

FORD Motor expects earnings improvement in 2011 after solid profits in 2010 as its turnaround gains traction, executives said at its annual meeting of shareholders yesterday.

Ford chief executive Alan Mulally said improvement in the economy globally and a strong new vehicle lineup gave him confidence in expecting a “continuing improvement” in 2011. “It’s a slow gradual recovery, especially in the United States, but very solid fundamentally,” Mulally said.

In April, Ford said it expects a solid pre-tax profit in 2010 excluding special items. Its previous forecast was 2011 profit on that basis. The automaker posted losses of $30bn from 2006 to 2008.

The automaker’s stock price has quintupled since the end of 2008, but the dividend was eliminated in 2006.