Ford Pares Debt, Posts Record $1.69 Billion Third-Quarter Net
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Ford Motor Co., the world’s most profitable automaker, is generating enough cash to pay off billions in debt after reporting third-quarter net income of $1.69 billion, the most in its 107-year history.
By the end of the week, Ford will have paid down $10.8 billion in obligations this year and reduced its auto unit’s debt to $22.8 billion, the company said today. New models like the Fiesta subcompact car are fetching high prices, helping to boost the automotive cash to $23.8 billion on September 30. By year’s end, Ford said its cash will about equal its liabilities.