Reply With QuoteFord fans or not, this is good for the economy. I'd like to see all three of the big three in the black.
Too bad they aren't doing so well in North America, but an overall profit is better than not.
keep it going FORD!
DEARBORN, Mich., July 26, 2007 – Ford Motor Company [NYSE: F] today reported a net profit of 31 cents per share, or $750 million, for the second quarter of 2007. This compares with a net loss of 17 cents per share, or $317 million, in the second quarter of 2006.
FordÂ’s second-quarter revenue was $44.2 billion, up from $41.9 billion a year ago. The increase primarily reflected currency exchange, mix and net pricing improvements, partially offset by lower volume.
FordÂ’s second-quarter profit from continuing operations, excluding special items, was 13 cents per share, or $258 million, compared with a loss of 6 cents per share, or $118 million, in the same period a year ago.
Special items – which primarily reflected the sale of Aston Martin and the recognition of previously deferred gains on certain hedges at Jaguar and Land Rover – increased pre-tax results by $443 million in the second quarter.
With regard to Jaguar and Land Rover, the company confirmed it is currently exploring in greater detail the potential sale of the combined business and is in discussions with selected parties who have expressed interest. The company also is conducting a strategic review of Volvo that likely will conclude prior to year-end.
Ford South America: Ford South America reported a second-quarter pre-tax profit of $255 million, compared with a pre-tax profit of $99 million a year ago. The improvement was primarily explained by favorable net pricing and volume. Second quarter revenue improved to $1.8 billion from $1.3 billion in 2006.
Ford Europe: Ford EuropeÂ’s second-quarter pre-tax profit was $262 million, compared with a pre-tax profit of $185 million during the same period in 2006. The improvement was more than explained by favorable net pricing and higher volumes, partially offset by higher manufacturing costs, primarily to support increased volumes. During the second quarter of 2007, Ford EuropeÂ’s revenue was $9.2 billion, compared with $7.5 billion during the second quarter of 2006.
Premier Automotive Group (PAG): PAG reported a pre-tax profit of $140 million for the second quarter, compared with a pre-tax loss of $162 million for the same period in 2006. All PAG brands improved compared with the same period in 2006. The improvement was more than explained by favorable cost performance across all brands, including the non-recurrence of adverse 2006 adjustments to warranty accruals. Favorable net pricing was more than offset by the effect of the continued weakening of the U.S. dollar against key European currencies. Second-quarter 2007 revenue was $8.4 billion, compared with $7.8 billion a year ago.
Ford Asia Pacific and Africa: For the second quarter, Ford Asia Pacific and Africa reported a pre-tax profit of $26 million, compared with a pre-tax profit of $4 million a year ago. The improvement reflected strong cost performance, including restructuring savings, and improved results in China. These factors were partially offset by lower volume and adverse mix, more than explained by Australia and Taiwan, and unfavorable currency exchange. Revenue was $1.7 billion for the second quarter of 2007, compared with $1.8 billion in 2006.
Ford North America: In the second quarter, Ford North America reported a pre-tax loss of $279 million, compared with a pre-tax loss of $789 million a year ago. The improvement primarily reflected favorable net pricing and cost reductions, partially offset by lower volume net of mix. Revenue was $18.8 billion, down from $19.1 billion for the same period a year ago.
Mazda: For the second quarter, Ford earned $81 million from its investment in Mazda and associated operations, compared with $32 million during the same period a year ago.
Ford fans or not, this is good for the economy. I'd like to see all three of the big three in the black.
Too bad they aren't doing so well in North America, but an overall profit is better than not.
Think what there numbers would have been if North America would have pulled there weight??
Posting Permissions