Ford Reports $2.6 Billion Profit in Second Quarter
Excluding special items, Ford reported a pretax operating profit of $2.9 billion, or 68 cents a share, an improvement of $3.5 billion from a year ago and a $932 million improvement from the prior quarter, the Dearborn, Mich.-based automaker said. It was Ford's best quarterly performance since the first quarter of 2004, it said.
"We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions," Ford President and CEO Alan Mulally said in a written statement. "We remain on track to deliver solid profits and positive automotive operating-related cash flow for 2010, and we expect even better financial results in 2011.
Ford's second quarter revenue rose $4.5 billion to $31.3 billion from the same period a year ago. Excluding 2009 revenue from Volvo, which Ford sold off earlier this year, Ford's revenue in the second quarter rose $7.4 billion, or 30%, compared to last year.