Ford may have posted a first quarter loss of $1.43 billion but the Michigan automaker says that its restructuring program is right on track. Ford announced on Thursday at its annual shareholder meeting that the company is on pace to break-even or even turn a profit in 2011.
Helping Ford’s cause, shareholders approved Ford’s plan to fund retiree healthcare at the meeting, according to Automotive News. The move should not only help Ford towards its goal of profitability but will likely keep the Dearborn-based automaker out of bankruptcy court.
Ford Executive Chairman Bill Ford acknowledged the entire industry is facing an “economic crisis of historic proportionsâ€, but added he was confident in Ford’s far-reaching restructuring plans.
Ford CEO Alan Mulally echoed Ford’s sentiments. “We are confident that we will not only survive this downturn, but that we will emerge as a lean, globally integrated company poised for long-term profitable growth,” he said. Ford is the only of the Big Three not to have received government funding.
Ninety-eight Ford shareholders attended the meeting, including the Rev. Jesse Jackson.
