Ford’s Third-Quarter Earnings Soar 68 Percent; Will Pay Down
Retiree Health Care Debt  October 26, 2010 - 7:35 AM  Dearborn,
Mich. (AP) - Ford Motor Co.'s third-quarter net income rose 68
percent as it grabbed a bigger share of the U.S. auto market and
buyers paid more for its highly-rated cars and trucks.    The
automaker said it expects to end the year with as much cash as
it has debt, a year earlier than it had previously forecast.
Ford, which four years ago mortgaged its factories, blue oval
logo and other assets to fund a huge restructuring, said it paid
off $2 billion in debt in the third quarter and expects to pay
off an additional $3.6 billion for retiree health care on
Friday. Ford's debt will stand at $22.8 billion after those two
actions. It has $20.3 billion in cash.   Ford also said it is
launching an offer to convert $3.5 billion in debt to common
stock. The offer closes Nov. 23.  Ford's earnings of $1.7
billion, or 43 cents per share, beat Wall Street estimates.
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