Ford Reports $2.6 Bn earnings in Second Quarter

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Alex White

24 July, 2010

THE MOTOR giant Ford reported earnings of $2.6 billion in the second quarter this year. On a positive note, the company said that it expects to have more cash than its staggering debt by the end of the next year, 2011.

Even with a situation when the market shown some sluggishness and not too many buyers interested, the company showed profit. It was for the fifth consecutive time that the automakers have shown profit. This is the best earning report from them in the last six years. Surprisingly the company has shown good sales and have grabbed a good market share in the US.

“They have been making all the right moves. It’s been impressive,” Rebecca Lindland, an analyst with the research firm IHS Automotive, said. “They just have an unbelievable amount of momentum right now.”

Ford said it expects to net more profit in the second half of the current year. It further added that it expects to show even stronger results in 2011.

Excluding special items, Ford earned $2.9 billion before taxes, or 68 cents a share. A year ago on that basis, the company lost $554 million, or 21 cents per share.
Revenue of the company went to $31.3 billion, which showed a growth of 17 percent over the year ago quarter.

The automaker earned $2.1 billion from its automotive operations, which included earning of $1.9 billion in North America, compared with losses a year ago. All other regions also were profitable

“We are ahead of where we thought we’d be after this excellent first half,” Ford’s chief executive, Alan R. Mulally, said on a conference call. “The driving forces behind our progress include our new products and our leaner global structure.”

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