Alan Mulally, Ford Motor's chief executive officer, told CNBC’s “Power Lunch” that the company is on track to make a profit in 2009.
Ford’s loss from continuing operations, excluding one-time items, was 9 cents a share. Wall Street analysts expected the company to lose 60 cents a share in the first quarter. Revenue increased to $43 billion from $40.8 billion in the same period a year ago.
“We’re very encouraged and pleased with the results because they clearly show that our plan is on track to turn around this great company,” Mulally said.
He said cutting costs is just the first step of the planned turnaround.