Ford Posts $2.6 Billion Profit in Q2

Fifth consecutive quarter of gains

Ford said on July 23 that it saw a 13% net profit jump to $2.6 billion in the second quarter of 2010 on strong sales.

Second quarter revenue was $31.3 billion, up $4.5 billion from a year earlier.

"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," said Ford CEO Alan Mulally.

The company said it gained 61 cents a share, a $338 million improvement from the same period a year ago, and higher than the 40 cents jump predicted by analysts.

"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," Mulally said.

It was the fifth consecutive quarter of gains for Ford.

"Our fundamental business is strong and we continue to gain momentum around the world," said Lewis Booth, Ford executive vice president and chief financial officer.

"Profits improved across our global business operations in the second quarter and we made continued progress in paying down our debt and strengthening our balance sheet."

Copyright Agence France-Presse, 2010

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