Ford Earns Nearly $1 Billion

The American auto industry isn't in a total state of collapse. Ford Motor, the only major domestic car maker to avoid bankruptcy, posted $997 million net income for the third quarter, moving into the black for the first time since 2008. The company said Monday it expects to be "solidly profitable" by 2011. Ford helped its balance sheet by issuing $565 million in "quiet equity," completing the $1 billion stock issue it began in August 2008. However, despite the good news, the company still has to contend with $38.1 billion in liabilities—more than some of its recently restructured competitors—and the United Auto Workers union, which rejected cost-cutting contracts for union members.