News In Brief

'83 profit at Ford called biggest US turnaround

Ford Motor Company announced Monday it made $1.87 billion in 1983, its first annual profit after three straight years of losses totaling $3 billion. The profit amounts to $10.29 a share, reflecting the 3-for-2 stock split in the fourth quarter, and compares with a $658 million loss, or $3.64 a share, in 1982.

''Ford's 1983 profit improvement of $2.5 billion represents the largest one-year turnaround from a loss position in US corporate history,'' said Philip Caldwell, Ford's president and chief executive officer.

''This achievement was made possible by a combination of higher industry sales, a strong reception of our new cars and trucks, and the cumulative effect of several years of productivity improvements and restructuring actions.''

In the fourth quarter of 1983, Ford's profit was $781 million, or $4.28 a share, an improvement of $1 billion from a loss of $236 million, or $1.30 a share, in the same period a year earlier.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK