I’m very happy to say that my faith in Ford Motor (F) has been rewarded. Despite all the troubles in the auto sector, I’ve had Ford rated as a buy since the beginning of the year, and the shares have tripled.
But the really good news came today. Ford just announced that they earned nearly $1 billion last quarter. Moreover, they said that that 2011 should be “solidly profitable.”
On an adjusted basis, Ford reported a quarterly pretax profit of $1.1 billion, or 26 cents a share, compared with a year-earlier loss of $3 billion or $1.32. Ford beat the 20 cents a share adjusted loss it was forecast to report by an average of 11 analysts surveyed by Bloomberg.
A few weeks ago, I wrote that I only saw two buys in the entire auto industry–Ford and Thor Industries (THOR). Today, however, Thor is a Sell but Ford continues to be a good buy.