Ford did not disappoint and today announced its biggest annual profit in a decade. According to a Ford release, the company booked $8.3 billion in pre-tax profits for 2010. That is a $3.8 billion increase from a year ago.
Ford ended 2010 with Automotive gross cash exceeding debt by $1.4 billion, an improvement of $10.1 billion from year end 2009. Ford ended 2010 with $20.5 billion of Automotive gross cash, and a debt of $19.1 billion.
Fourth-quarter net income fell to 5 cents per share from 25 cents per share after a $960 million charge for completing a debt conversion in the third quarter. The fickle stock market did not like that. The F share lost 6.3 percent in premarket trading. It dragged down GM,which lost 2.1 percent to $37.84 before the bell.