Ford earns $1 billion

Ford Motor Co. stunned Wall Street today with a third quarter profit of nearly $1 billion — its first operating profit in nearly two years

The company reported net income of $997 million, or 29 cents per share, a $1.2 billion improvement compared with the same period last year. Wall Street had been expecting the Dearborn automaker to lose 12 cents a share, according to a survey of 11 analysts by Thomson Reuters. Ford lost $129 million during the same three-month period a year ago.

"Our third quarter results clearly show that Ford is making tremendous progress despite the prolonged slump in the global economy," said Ford CEO Alan Mulally. "Our solid product lineup is leading the way in all markets. While we still face a challenging road ahead, our 'One Ford' transformation plan is working and our underlying business continues to grow stronger."