Though earnings were lower due to the impact of higher commodity costs and hedging losses, revenues rose to $33.1 billion from $29 billion. Net income was $1.65 billion (41 cents per share) compared to $1.69 billion (43 cents per share). Debt was reduced by $1.3 billion during the quarter, which is a positive for 2011 because it means that interest costs will reduce by about $1 billion.
The company is expected to return to the dividend list soon, though it did not disclose any timing. Last week, CFO Lewis Booth had said “we want to return to paying a dividend as soon as we think our balance sheet will stand it, and when we’re ready to talk about it we will.” Toyota Motor Corporation (NYSE:TM) and Honda Motor Company (NYSE:HMC) still offer shareholders a dividend — General Motors (NYSE:GM) does not.
In addition, like General Motors (NYSE:GM), the company reached labor agreement with its unions last week. Lastly, Ford’s credit ratings was upgraded to within a notch of investment grade by Fitch and S&P.
Ford (NYSE:F) is trading at $12.16 today, down 2.17%. Shares are down 13.44% in one year. The stock’s trading range for the year is between $9.05 and $18.97.
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