This performance was achieved during a period where U.S. sales were at a 27-year low, and when its closest rivals, General Motors and Chrysler, are on the brink of bankruptcy and are surviving on $17.4 billion in federal loans. Ford’s own performance saw revenue drop from $39.2 billion to $24.8 billion.
The company’s North American operation by far was the worst performer, with losses registering at $637 million before taxes. Ford of Europe posted a pre-tax loss of $550 million.
Incidentally, Ford hasn’t had an annual profit since 2005, and last year's $14.7 billion net loss was a record, and with losses last year of $14.7 billion, 2009 isn’t shaping up to be any better. Current estimates see the Blue Oval breaking even no earlier than 2011.