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RCON has been on a tear
started out on the IPO offering on 7/30 went down for a while to around $5.23 and from there it took off.
callthebank here on RCON
http://www.hawkassociates.com/clients/profile/?client_id=24
RCON
Recon's growth is driven by a number of factors:
# 79% of net growth in world oil demand for the next two decades will come from China and Asia.
# The automation of China's petroleum industry is still in initial stages.
# China's oil reserves and production yield are negatively correlated. U.S. proved crude oil reserves are 2.45 times China's, however, U.S. production yield is 3.3 times China's.
# There is a growing need for high-tech and precise instruments in the oilfield service market, because of the surging oil demand and declining oil resources.
# Industry trends favor integrated service providers.
# China is currently diversifying its energy sources with liquefied natural gas, which also employs Recon's automation system.
# Compared with foreign competitors, Recon is able to leverage its knowledge of Chinese business culture.
In the short-term, Recon continues its R&D on improved automated systems to maximize extraction at a lower cost. Recon continues to extend its market share by acquiring new projects in CNPC and Sinopec's overseas subsidiaries and other Chinese petroleum companies.
For the longer term, Recon expects to become a leading non-government-owned service provider to the oilfield exploitation industry in China, Russia, Southeast Asia and other low technology oil producing countries.
http://www.hawkassociates.com/clients/profile/?client_id=24
Recon's growth is driven by a number of factors:
# 79% of net growth in world oil demand for the next two decades will come from China and Asia.
# The automation of China's petroleum industry is still in initial stages.
# China's oil reserves and production yield are negatively correlated. U.S. proved crude oil reserves are 2.45 times China's, however, U.S. production yield is 3.3 times China's.
# There is a growing need for high-tech and precise instruments in the oilfield service market, because of the surging oil demand and declining oil resources.
# Industry trends favor integrated service providers.
# China is currently diversifying its energy sources with liquefied natural gas, which also employs Recon's automation system.
# Compared with foreign competitors, Recon is able to leverage its knowledge of Chinese business culture.
In the short-term, Recon continues its R&D on improved automated systems to maximize extraction at a lower cost. Recon continues to extend its market share by acquiring new projects in CNPC and Sinopec's overseas subsidiaries and other Chinese petroleum companies.
For the longer term, Recon expects to become a leading non-government-owned service provider to the oilfield exploitation industry in China, Russia, Southeast Asia and other low technology oil producing countries.
http://www.hawkassociates.com/clients/profile/?client_id=24
Take a look RECON Chinese oil and gas
This Chinese Company has been going up in SP.
IPO Offering: 07/30/09 $6.00
Shares Offered: 1,700,000, 9-Month Ended 3/31/09 EPS: $0.83
About Recon Technology, Ltd
For over 10 years, Recon Technology, Ltd. has provided leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploration, extraction, refining and processing. Recon's specialized proprietary software and hardware manage the oil production and process in real-time thereby increasing extraction levels, reducing impurities in extracted petroleum and lowering production costs. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn or e-mail: recon@hawkassociates.com.
Information for investors, including an investment profile, stock charts and other valuable information for investors about Recon is available at http://www.hawkassociates.com/profile/rcon.cfm. Investors may contact Susan Zhou, Hawk Associates, at (305) 451-1888, e-mail: recon@hawkassociates.com.
Take a look RECON Chinese oil and gas
This Chinese Company has been going up in SP.
IPO Offering: 07/30/09 $6.00
Shares Offered: 1,700,000, 9-Month Ended 3/31/09 EPS: $0.83
About Recon Technology, Ltd
For over 10 years, Recon Technology, Ltd. has provided leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploration, extraction, refining and processing. Recon's specialized proprietary software and hardware manage the oil production and process in real-time thereby increasing extraction levels, reducing impurities in extracted petroleum and lowering production costs. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn or e-mail: recon@hawkassociates.com.
Information for investors, including an investment profile, stock charts and other valuable information for investors about Recon is available at http://www.hawkassociates.com/profile/rcon.cfm. Investors may contact Susan Zhou, Hawk Associates, at (305) 451-1888, e-mail: recon@hawkassociates.com.
RECON Chinese oil and gas
This Chinese Company has been going up in SP.
IPO Offering: 07/30/09 $6.00
Shares Offered: 1,700,000, 9-Month Ended 3/31/09 EPS: $0.83
About Recon Technology, Ltd
For over 10 years, Recon Technology, Ltd. has provided leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploration, extraction, refining and processing. Recon's specialized proprietary software and hardware manage the oil production and process in real-time thereby increasing extraction levels, reducing impurities in extracted petroleum and lowering production costs. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn or e-mail: recon@hawkassociates.com.
Information for investors, including an investment profile, stock charts and other valuable information for investors about Recon is available at http://www.hawkassociates.com/profile/rcon.cfm. Investors may contact Susan Zhou, Hawk Associates, at (305) 451-1888, e-mail: recon@hawkassociates.com.
RECON Chinese oil and gas
This Chinese Company has been going up in SP.
IPO Offering: 07/30/09 $6.00
Shares Offered: 1,700,000, 9-Month Ended 3/31/09 EPS: $0.83
About Recon Technology, Ltd
For over 10 years, Recon Technology, Ltd. has provided leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploration, extraction, refining and processing. Recon's specialized proprietary software and hardware manage the oil production and process in real-time thereby increasing extraction levels, reducing impurities in extracted petroleum and lowering production costs. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn or e-mail: recon@hawkassociates.com.
Information for investors, including an investment profile, stock charts and other valuable information for investors about Recon is available at http://www.hawkassociates.com/profile/rcon.cfm. Investors may contact Susan Zhou, Hawk Associates, at (305) 451-1888, e-mail: recon@hawkassociates.com.
MonArc Corp (MONA) is involved in a complex process of calculations visa a vie issuing a number of cash and stock
distributions to its shareholders. I had the privilege of working with Mr. Garr Winters at MONA briefly who was instrumental in making all of these distributions possible and made shareholder concerns his top priority"
*************************
News for 'MONA' - (Global General Technologies, Inc (GLGT) CEO Merger Update Message (MONA))
MONTREAL, July 13, 2009 /PRNewswire-FirstCall via COMTEX/ -- Global General
Technologies, Inc (GLGT) www.glgt-corporate.com Further to GLGT news release of
April 15 2009 the company is providing this further update on the developments
on the merger activities., and other business matters.
Paul Sylvestre, President of GLGT said "GLGT management expected to finalize
this merger on or before May 7, 2009. I can safely now say that we are within a
few days of making this announcement official. I do want to add that the delay
will be well worth the wait and the pain suffered by few of this delayed
announcement will benefit many. What I mean by that, is the company which GLGT
acquired the Bio Tech asset from namely MonArc Corp (MONA) is involved in a
complex process of calculations visa a vie issuing a number of cash and stock
distributions to its shareholders. I had the privilege of working with Mr. Garr
Winters at MONA briefly who was instrumental in making all of these
distributions possible and made shareholder concerns his top priority. Now that
he is no longer with MONA things just didn't move as efficiently as before. Now
that GLGT matter was resolved with MONA management and all points reached we
should be well under way with GLGT and the Bio Tech direction.
Over the past several months apart from the fact that we were building our
business and finalizing another acquisition in the cosmetics industry, over the
next few weeks and next several months our shareholders can expect to receive
many updates and activities of our business. We have developed and acquired some
of the best Bio Tech products and will be launching a web site shortly where
consumers can buy the product directly on line and use it in their everyday
household needs.
We acknowledge that GLGT was a company in duress when acquired by the new
management and the majority shareholder (financier). It is our sincere desire to
restore most of that eroded value back to GLGT and its shareholders and to
inject a new and fresh lifeblood into this vibrant company.
The best things for GLGT are yet to come."
Post Unavailable
Additional Information
Thanks I hope MONA shareholders get the Dividend
they are suppose to as per PR. We will see but thus far we have nothing. I hope that changes this time. Good Luck.
**************************
It's partial opinion based on what events have transpired and partially from a rep that I had contact with on the ITI side several months prior to the merge and information that I was told and also came across in my searches. But in no way did I mean that they weren't real and now they are but rather they are real and have always been but should have the opportunity to thrive on there own without the involvement of certain individuals that would have perhaps influenced past decisions.
Any proof to your accusation or just an opinion ?
"because they didn't like or appreciate the tactics being employeed by MONA"
*************************************
I think everybody is getting way ahead of themselves by being so confident that this is a scam!!! Everyone is using MONA as a basis but this company broke away from MONA because they didn't like or appreciate the tactics being employeed by MONA, so I say give Paul Sylvestre a shot and stop calling it a scam until we have a better basis than MONA, we are a REAL company with REAL products and revenue.
What happened to the cash and stock distributions ?
"MonArc Corp (MONA) is involved in a
complex process of calculations visa a vie issuing a number of cash and stock
distributions to its shareholders. I had the privilege of working with Mr. Garr
Winters at MONA briefly who was instrumental in making all of these
distributions possible and made shareholder concerns his top priority"
*************************
News for 'MONA' - (Global General Technologies, Inc (GLGT) CEO Merger Update Message (MONA))
MONTREAL, July 13, 2009 /PRNewswire-FirstCall via COMTEX/ -- Global General
Technologies, Inc (GLGT) www.glgt-corporate.com Further to GLGT news release of
April 15 2009 the company is providing this further update on the developments
on the merger activities., and other business matters.
Paul Sylvestre, President of GLGT said "GLGT management expected to finalize
this merger on or before May 7, 2009. I can safely now say that we are within a
few days of making this announcement official. I do want to add that the delay
will be well worth the wait and the pain suffered by few of this delayed
announcement will benefit many. What I mean by that, is the company which GLGT
acquired the Bio Tech asset from namely MonArc Corp (MONA) is involved in a
complex process of calculations visa a vie issuing a number of cash and stock
distributions to its shareholders. I had the privilege of working with Mr. Garr
Winters at MONA briefly who was instrumental in making all of these
distributions possible and made shareholder concerns his top priority. Now that
he is no longer with MONA things just didn't move as efficiently as before. Now
that GLGT matter was resolved with MONA management and all points reached we
should be well under way with GLGT and the Bio Tech direction.
Over the past several months apart from the fact that we were building our
business and finalizing another acquisition in the cosmetics industry, over the
next few weeks and next several months our shareholders can expect to receive
many updates and activities of our business. We have developed and acquired some
of the best Bio Tech products and will be launching a web site shortly where
consumers can buy the product directly on line and use it in their everyday
household needs.
We acknowledge that GLGT was a company in duress when acquired by the new
management and the majority shareholder (financier). It is our sincere desire to
restore most of that eroded value back to GLGT and its shareholders and to
inject a new and fresh lifeblood into this vibrant company.
The best things for GLGT are yet to come."
Mick No, on the Pinks
http://www.visteon.com
http://finance.yahoo.com/q/ks?s=VSTN.PK
Visteon Corporation supplies automotive systems, modules, and components to vehicle manufacturers and the automotive aftermarket worldwide. The company offers a range of electronics products, including audio systems and components, such as digital and satellite radios, HD radio broadcast tuners, and premium systems; driver information systems comprising displays, from analog-electronic to high-impact instrument clusters that incorporate LCD displays; information, in-vehicle entertainment, and multimedia systems; and powertrain and feature control modules, including controllers for fuel pumps, 4x4 transfer cases, intake manifold tuning valves, customer convenience features, security, and voltage regulation systems. It also provides electronic climate controls, such as single zone manual electronic and automatic multiple zone modules, as well as integrated audio and climate control assemblies; and lighting products, which consist of headlamps, rear combination lamps, center high-mounted stop lamps, and fog lamps. In addition, the company offers climate systems comprising heat exchangers, climate controls, compressors, and fluid transport systems; and cooling functionality and thermal management for the vehicle?s powertrain system. Further, it provides various interior products, including cockpit modules, which incorporate structural, electronic, climate control, mechanical, and safety components; door panels/modules, as well as various interior trim products; and console modules, which deliver storage options. Additionally, Visteon designs and manufactures a range of products, comprising fuel products, powertrain products, as well as parts sold and distributed to the automotive aftermarket. The company was founded in 2000 and is headquartered in Van Buren Township, Michigan. On May 28, 2009, Visteon Corp., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware.
Bought today
hoping for the best and I am not a cry baby LOL.
************************
The only negatives seem to becoming from a few posters. The one currently writing multiple negative posts let it slip that he sold all his shares at ~0.006 -0.007 and now tries to talk the stock down so he can buy back at $0.002. I consider that practice highly unethical.
Thank God he only has a free I-hub membership, and can only post 15 times with his misinformation.
Visteon Launches 'Virtual' Instrument Cluster on 2010 Range Rover
VAN BUREN TOWNSHIP, Mich., July 27, 2009 /PRNewswire/ -- Global automotive supplier Visteon Corporation has launched a reconfigurable cluster platform on Jaguar Land Rover's new Range Rover - available as a standard fit on all derivatives in Land Rover's global markets.
Replacing the conventional instrument cluster design, the reconfigurable 12.3-inch full color Thin Film Transistor (TFT) display integrates multiple functions and operating modes to present on-demand driver information via virtual gauges, graphical displays and a message center. Developed for the 2010 Range Rover model range, this is Jaguar Land Rover's first "virtual cluster" application.
By introducing an advanced graphics interface, the reconfigurable cluster presents information to the driver in an innovative way, while helping reduce driver distraction. The cluster redefines the functional role of instrumentation by providing an interface to safely manage the complexity of the Range Rover's advanced vehicle systems through the reconfigurable message center, which acts as the information hub for the vehicle.
"The new display technology used by the 2010 Range Rover is a major advance. It gives us tremendous flexibility in presenting information, so that the driver gets precisely the data he or she requires, in all driving conditions," explains Nick Rogers, chief engineer, new vehicle architecture, Range Rover.
The Range Rover "virtual cluster" is the first production program launched from Visteon's reconfigurable cluster platform and the latest in its range of clusters with graphic displays. The platform also offers vehicle manufacturers the flexibility to use one hardware solution with multiple graphic applications for easier vehicle differentiation or mid-cycle refresh.
"This powerful 'virtual image' cluster is an example of Visteon's global platform strategy, which provides vehicle manufacturers with cost-effective solutions through hardware and software architecture re-use," said Steve Meszaros, president of Visteon's electronics product group. "Although this high-end cluster initially is designed for the best-in-class comfort and refinement of the Range Rover, Visteon's unique system integration approach is set to make large TFT displays a viable and affordable alternative to conventional clusters."
The cluster was developed in conjunction with Land Rover by Visteon's engineering teams in Chelmsford, U.K., with support from development teams in the U.S. and software development from Visteon Software Operations, India, and Visteon Software Technologies, France. The reconfigurable platform design is based on a new architectural approach to efficiently manage the complexity of the increased graphics content and display management.
Visteon's advanced technological expertise has been combined with its extensive proprietary research on consumer perceived quality and product design to bring forward a technology that offers freedom of design for OEMs and maximum ease of use for the consumer.
Visteon is a leading, global manufacturer of driver information systems and central information displays, producing more than 7 million units annually from manufacturing plants across the globe. Visteon's strengths include its global and scalable product platforms, comprehensive cockpit electronics portfolio, and the ability to provide seamlessly integrated systems and products that connect people to their vehicles and the world around them.
Through its partnerships with leading technology providers, Visteon has positioned itself to be flexible to react to the fast-developing consumer electronics market and is embracing the transition from hardware solutions to software-defined solutions, while its global platforms maintain a central core of robust automotive solutions.
Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 31,000 people.
Visteon Launches 'Virtual' Instrument Cluster on 2010 Range Rover
VAN BUREN TOWNSHIP, Mich., July 27, 2009 /PRNewswire/ -- Global automotive supplier Visteon Corporation has launched a reconfigurable cluster platform on Jaguar Land Rover's new Range Rover - available as a standard fit on all derivatives in Land Rover's global markets.
Replacing the conventional instrument cluster design, the reconfigurable 12.3-inch full color Thin Film Transistor (TFT) display integrates multiple functions and operating modes to present on-demand driver information via virtual gauges, graphical displays and a message center. Developed for the 2010 Range Rover model range, this is Jaguar Land Rover's first "virtual cluster" application.
By introducing an advanced graphics interface, the reconfigurable cluster presents information to the driver in an innovative way, while helping reduce driver distraction. The cluster redefines the functional role of instrumentation by providing an interface to safely manage the complexity of the Range Rover's advanced vehicle systems through the reconfigurable message center, which acts as the information hub for the vehicle.
"The new display technology used by the 2010 Range Rover is a major advance. It gives us tremendous flexibility in presenting information, so that the driver gets precisely the data he or she requires, in all driving conditions," explains Nick Rogers, chief engineer, new vehicle architecture, Range Rover.
The Range Rover "virtual cluster" is the first production program launched from Visteon's reconfigurable cluster platform and the latest in its range of clusters with graphic displays. The platform also offers vehicle manufacturers the flexibility to use one hardware solution with multiple graphic applications for easier vehicle differentiation or mid-cycle refresh.
"This powerful 'virtual image' cluster is an example of Visteon's global platform strategy, which provides vehicle manufacturers with cost-effective solutions through hardware and software architecture re-use," said Steve Meszaros, president of Visteon's electronics product group. "Although this high-end cluster initially is designed for the best-in-class comfort and refinement of the Range Rover, Visteon's unique system integration approach is set to make large TFT displays a viable and affordable alternative to conventional clusters."
The cluster was developed in conjunction with Land Rover by Visteon's engineering teams in Chelmsford, U.K., with support from development teams in the U.S. and software development from Visteon Software Operations, India, and Visteon Software Technologies, France. The reconfigurable platform design is based on a new architectural approach to efficiently manage the complexity of the increased graphics content and display management.
Visteon's advanced technological expertise has been combined with its extensive proprietary research on consumer perceived quality and product design to bring forward a technology that offers freedom of design for OEMs and maximum ease of use for the consumer.
Visteon is a leading, global manufacturer of driver information systems and central information displays, producing more than 7 million units annually from manufacturing plants across the globe. Visteon's strengths include its global and scalable product platforms, comprehensive cockpit electronics portfolio, and the ability to provide seamlessly integrated systems and products that connect people to their vehicles and the world around them.
Through its partnerships with leading technology providers, Visteon has positioned itself to be flexible to react to the fast-developing consumer electronics market and is embracing the transition from hardware solutions to software-defined solutions, while its global platforms maintain a central core of robust automotive solutions.
Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 31,000 people.
Where is all the great News on MONA ?????????????
Same Bull !!!!!!!!!!!!!!!!!!
Out VSTN
for now the no news on funding bothers me.
VSTN Analysis, Closed on 20 dma Thursday
post from another site.
*********************
Closed on 20 dma Thursday at .12 and held it Friday. very positive.
Stock has been putting in high vol up sessions, very favorable.
POSITIVE: Weekly Chart Reveals since March 6 low of .02, VSTN has been putting in higher lows and actually appears to be building a triangle formation here...
Hoping July 23 was VSTN's PEAK VOLUME SPIKE: HEAVIEST DAILY OR WEEKLY UPSIDE VOLUME SPIKE IN ITS PRIOR DOWNTREND SIGNALS A LOW FOR THE STOCK.
I suspect it may be. Watch for retaking or at least a run at of falling 50dma at .16..
MACD has been slightly uptrending here throughout this downdraft: VERY BULLISH DIVERGENCE..
IMO: VSTN GETS ABOVE .17, IT'LL GO TO .25 EASILY...on its way to .50
VSTN Analysis, Closed on 20 dma Thursday
post from another site.
*********************
Closed on 20 dma Thursday at .12 and held it Friday. very positive.
Stock has been putting in high vol up sessions, very favorable.
POSITIVE: Weekly Chart Reveals since March 6 low of .02, VSTN has been putting in higher lows and actually appears to be building a triangle formation here...
Hoping July 23 was VSTN's PEAK VOLUME SPIKE: HEAVIEST DAILY OR WEEKLY UPSIDE VOLUME SPIKE IN ITS PRIOR DOWNTREND SIGNALS A LOW FOR THE STOCK.
I suspect it may be. Watch for retaking or at least a run at of falling 50dma at .16..
MACD has been slightly uptrending here throughout this downdraft: VERY BULLISH DIVERGENCE..
IMO: VSTN GETS ABOVE .17, IT'LL GO TO .25 EASILY...on its way to .50
Good green VSTN Close .132
Volume 4,240,091
Nice Chart
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
Good green VSTN Close .132
Volume 4,240,091
Nice Chart
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
Good green VSTN Close .132
Volume 4,240,091
Nice Chart
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
VSTN 50 MDA is .16
lets do it today!
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=5&g=0&id=0
VSTN 50 MDA is .16
lets do it today!
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=5&g=0&id=0
VSTN Chart looks Good !
VSTN closed above 10 MDA
10 MDA is .11, 20 MDA is 12.
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=5&g=0&id=0
RSI, BB are tight, STO look great
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
VSTN Chart looks Good !
VSTN closed above 10 MDA
10 MDA is .11, 20 MDA is 12.
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=5&g=0&id=0
RSI, BB are tight, STO look great
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
VSTN closed above 10 MDA
10 MDA is .11, 20 MDA is 12.
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=5&g=0&id=0
RSI, BB are tight, STO look great
http://stockcharts.com/h-sc/ui?s=vstn&p=D&b=3&g=0&id=p85158584540
VSTN Volume coming in
Almost 4 milliom at .13 up .04
VSTN Volume coming in
Almost 4 milliom at .13 up .04
VSTN Volume coming in
Almost 4 milliom at .13
Goooo!
VSTN Flying .13 Volume coming in
Goooo!
VSTN Flying .13
Goooo!
This is good for VSTN
Ford posts profit after restructuring, shares jump
* On Thursday July 23, 2009, 8:49 am EDT
DETROIT (Reuters) - Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to debt restructuring, and said it was on track to at least break even in 2011, sending its shares up more than 9 percent.
Ford posted an operating loss for the quarter that was better than analysts expected, excluding a net gain of $2.8 billion from one-time items that included the debt reduction actions, despite reeling global markets that helped push U.S. rivals General Motors and Chrysler into bankruptcy.
The automaker said it expects the U.S. economy to begin to recover in the second half of this year.
"Despite the really tough economic environment our plan is working and the underlying business is improving," Chief Financial Officer Lewis Booth told reporters.
"We continue to make really good progress on cost reductions," Booth said. "You can now see the results of the operations focused on cash."
An overall and North American profit in 2011 would be the first such mark for the U.S. automaker since 2004.
Ford posted a net profit of 69 cents per share for the second quarter, versus a net loss of $2.7 billion, or $3.89 per share, a year earlier.
The loss from continuing operations and excluding one-time items was $638 million, or 21 cents per share. Analysts on average had expected a loss of 50 cents per share on that basis, according to Reuters Estimates.
Revenue fell to $27.2 billion in the quarter, from $38.2 billion a year earlier. Analysts had expected $23.39 billion.
Ford said it burned through $1 billion in cash in the second quarter, an easing from the first quarter's $3.7 billion outflow. The company had expected the rate to decline as the year progressed.
The automaker said it expects cash flow to improve the rest of the year and will continue to pursue actions to better its balance sheet.
AHEAD OF SCHEDULE?
"This is outstanding," said Erich Merkle, president of auto consulting firm Autoconomy.com. "The cash burn is really being wiped off quickly. They are well ahead of schedule. I think Ford returning to profitability will be sooner than most expect."
Ford cut its automotive debt by about $10 billion by completing a series of transactions in early April, and raised $1.6 billion through a public stock offering in May, using proceeds to support funding for a U.S. union retiree healthcare trust.
Ford executives have said the company has sufficient liquidity to complete a turnaround plan, leaving investors focused on cash preservation and debt reduction.
The automotive business ended June with $21.0 billion in cash, compared with $21.3 billion at the end of March. Its debt burden stood at $26.1 billion at the end of June, down from $32.1 billion at the end of March.
The company borrowed $23 billion in 2006, secured by most of its remaining assets, including the Blue Oval logo, to support a multilayered restructuring and now carries a far heavier debt burden than post-bankruptcy GM and Chrysler.
Ford posted losses totaling $30 billion from 2006 through 2008 -- including a company record of $14.7 billion last year -- and reported a $1.43 billion loss in the first quarter.
The Dearborn, Michigan-based automaker has been navigating a U.S. downturn now in its fourth year with industry sales reaching their worst levels in three decades. It has not taken emergency U.S. government loans.
The automaker is restructuring its manufacturing operations to operate profitably in a smaller U.S. auto market and to meet an expected increase in consumer preferences for cars over larger SUVs and pickup trucks that drove profits a decade ago.
Ford said that 1,000 United Auto Workers-represented hourly employees accepted buyouts or early retirements in its latest offer, leaving it with about 47,000 hourly workers, a level it is comfortable with.
The automaker has sold several businesses to raise cash and focus its operations including its Aston Martin, Jaguar and Land Rover brands from its former premier auto group. Ford is also entertaining offers for its Volvo brand.
Booth said Ford was talking to a number of interested parties for Volvo, the Swedish luxury car brand that is the last member left from its premier auto group.
Ford shares rose 9.2 percent in premarket trading to $6.97 from Wednesday's close of $6.38 on the New York Stock Exchange. (Reporting by David Bailey and Soyoung Kim; Editing by Gerald E. McCormick and Maureen Bavdek)
This is good for VSTN
Ford posts profit after restructuring, shares jump
* On Thursday July 23, 2009, 8:49 am EDT
DETROIT (Reuters) - Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to debt restructuring, and said it was on track to at least break even in 2011, sending its shares up more than 9 percent.
Ford posted an operating loss for the quarter that was better than analysts expected, excluding a net gain of $2.8 billion from one-time items that included the debt reduction actions, despite reeling global markets that helped push U.S. rivals General Motors and Chrysler into bankruptcy.
The automaker said it expects the U.S. economy to begin to recover in the second half of this year.
"Despite the really tough economic environment our plan is working and the underlying business is improving," Chief Financial Officer Lewis Booth told reporters.
"We continue to make really good progress on cost reductions," Booth said. "You can now see the results of the operations focused on cash."
An overall and North American profit in 2011 would be the first such mark for the U.S. automaker since 2004.
Ford posted a net profit of 69 cents per share for the second quarter, versus a net loss of $2.7 billion, or $3.89 per share, a year earlier.
The loss from continuing operations and excluding one-time items was $638 million, or 21 cents per share. Analysts on average had expected a loss of 50 cents per share on that basis, according to Reuters Estimates.
Revenue fell to $27.2 billion in the quarter, from $38.2 billion a year earlier. Analysts had expected $23.39 billion.
Ford said it burned through $1 billion in cash in the second quarter, an easing from the first quarter's $3.7 billion outflow. The company had expected the rate to decline as the year progressed.
The automaker said it expects cash flow to improve the rest of the year and will continue to pursue actions to better its balance sheet.
AHEAD OF SCHEDULE?
"This is outstanding," said Erich Merkle, president of auto consulting firm Autoconomy.com. "The cash burn is really being wiped off quickly. They are well ahead of schedule. I think Ford returning to profitability will be sooner than most expect."
Ford cut its automotive debt by about $10 billion by completing a series of transactions in early April, and raised $1.6 billion through a public stock offering in May, using proceeds to support funding for a U.S. union retiree healthcare trust.
Ford executives have said the company has sufficient liquidity to complete a turnaround plan, leaving investors focused on cash preservation and debt reduction.
The automotive business ended June with $21.0 billion in cash, compared with $21.3 billion at the end of March. Its debt burden stood at $26.1 billion at the end of June, down from $32.1 billion at the end of March.
The company borrowed $23 billion in 2006, secured by most of its remaining assets, including the Blue Oval logo, to support a multilayered restructuring and now carries a far heavier debt burden than post-bankruptcy GM and Chrysler.
Ford posted losses totaling $30 billion from 2006 through 2008 -- including a company record of $14.7 billion last year -- and reported a $1.43 billion loss in the first quarter.
The Dearborn, Michigan-based automaker has been navigating a U.S. downturn now in its fourth year with industry sales reaching their worst levels in three decades. It has not taken emergency U.S. government loans.
The automaker is restructuring its manufacturing operations to operate profitably in a smaller U.S. auto market and to meet an expected increase in consumer preferences for cars over larger SUVs and pickup trucks that drove profits a decade ago.
Ford said that 1,000 United Auto Workers-represented hourly employees accepted buyouts or early retirements in its latest offer, leaving it with about 47,000 hourly workers, a level it is comfortable with.
The automaker has sold several businesses to raise cash and focus its operations including its Aston Martin, Jaguar and Land Rover brands from its former premier auto group. Ford is also entertaining offers for its Volvo brand.
Booth said Ford was talking to a number of interested parties for Volvo, the Swedish luxury car brand that is the last member left from its premier auto group.
Ford shares rose 9.2 percent in premarket trading to $6.97 from Wednesday's close of $6.38 on the New York Stock Exchange. (Reporting by David Bailey and Soyoung Kim; Editing by Gerald E. McCormick and Maureen Bavdek)
Ford posts profit after restructuring, shares jump
* On Thursday July 23, 2009, 8:49 am EDT
DETROIT (Reuters) - Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to debt restructuring, and said it was on track to at least break even in 2011, sending its shares up more than 9 percent.
Ford posted an operating loss for the quarter that was better than analysts expected, excluding a net gain of $2.8 billion from one-time items that included the debt reduction actions, despite reeling global markets that helped push U.S. rivals General Motors and Chrysler into bankruptcy.
The automaker said it expects the U.S. economy to begin to recover in the second half of this year.
"Despite the really tough economic environment our plan is working and the underlying business is improving," Chief Financial Officer Lewis Booth told reporters.
"We continue to make really good progress on cost reductions," Booth said. "You can now see the results of the operations focused on cash."
An overall and North American profit in 2011 would be the first such mark for the U.S. automaker since 2004.
Ford posted a net profit of 69 cents per share for the second quarter, versus a net loss of $2.7 billion, or $3.89 per share, a year earlier.
The loss from continuing operations and excluding one-time items was $638 million, or 21 cents per share. Analysts on average had expected a loss of 50 cents per share on that basis, according to Reuters Estimates.
Revenue fell to $27.2 billion in the quarter, from $38.2 billion a year earlier. Analysts had expected $23.39 billion.
Ford said it burned through $1 billion in cash in the second quarter, an easing from the first quarter's $3.7 billion outflow. The company had expected the rate to decline as the year progressed.
The automaker said it expects cash flow to improve the rest of the year and will continue to pursue actions to better its balance sheet.
AHEAD OF SCHEDULE?
"This is outstanding," said Erich Merkle, president of auto consulting firm Autoconomy.com. "The cash burn is really being wiped off quickly. They are well ahead of schedule. I think Ford returning to profitability will be sooner than most expect."
Ford cut its automotive debt by about $10 billion by completing a series of transactions in early April, and raised $1.6 billion through a public stock offering in May, using proceeds to support funding for a U.S. union retiree healthcare trust.
Ford executives have said the company has sufficient liquidity to complete a turnaround plan, leaving investors focused on cash preservation and debt reduction.
The automotive business ended June with $21.0 billion in cash, compared with $21.3 billion at the end of March. Its debt burden stood at $26.1 billion at the end of June, down from $32.1 billion at the end of March.
The company borrowed $23 billion in 2006, secured by most of its remaining assets, including the Blue Oval logo, to support a multilayered restructuring and now carries a far heavier debt burden than post-bankruptcy GM and Chrysler.
Ford posted losses totaling $30 billion from 2006 through 2008 -- including a company record of $14.7 billion last year -- and reported a $1.43 billion loss in the first quarter.
The Dearborn, Michigan-based automaker has been navigating a U.S. downturn now in its fourth year with industry sales reaching their worst levels in three decades. It has not taken emergency U.S. government loans.
The automaker is restructuring its manufacturing operations to operate profitably in a smaller U.S. auto market and to meet an expected increase in consumer preferences for cars over larger SUVs and pickup trucks that drove profits a decade ago.
Ford said that 1,000 United Auto Workers-represented hourly employees accepted buyouts or early retirements in its latest offer, leaving it with about 47,000 hourly workers, a level it is comfortable with.
The automaker has sold several businesses to raise cash and focus its operations including its Aston Martin, Jaguar and Land Rover brands from its former premier auto group. Ford is also entertaining offers for its Volvo brand.
Booth said Ford was talking to a number of interested parties for Volvo, the Swedish luxury car brand that is the last member left from its premier auto group.
Ford shares rose 9.2 percent in premarket trading to $6.97 from Wednesday's close of $6.38 on the New York Stock Exchange. (Reporting by David Bailey and Soyoung Kim; Editing by Gerald E. McCormick and Maureen Bavdek)