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Family-controlled Ford records strong profits

Ford Motor, controlled by the Ford family, said net earnings were $1.7 billion in the third quarter, an increase of $690 million.
 
The Detroit-based carmaker said the strong performance brings the company's net profits in the year to date to $6.4 billion, compared with a loss of $14.6 billion in 2008.
 
Despite the improved profitability, Ford is still grappling with a high debt burden totalling $26.4 billion at the end of September.
 
Ford also said revenues slipped in third quarter to $29 billion, a fall of $1.3 billion from the same period a year ago.
 
"The key drivers for improvement in 2011 will be our growing product strength, a gradually strengthening economy and an unrelenting focus on improving the competitiveness of all our operations," said non-family CEO Alan Mulally in a statement.
 
The founding Ford family retains control of the publicly floated company through its ownership of 71 million Class B voting shares. In May, the Detroit-based automaker voted against abolishing the two-tier share system that would have put an end to the family's control over the group. (Continue reading here)

Fourth-generation Bill Ford Jr (pictured) is chairman of the company and works alongside four other family members, including three fifth-generation cousins at the company founded by his great-grandfather in 1903. 

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