Ford 2Q Profit Up 6 Percent To $1.3 Billion

DEARBORN (WWJ/AP) – Ford Motor Co.’s second quarter net income rose 6 percent to $1.3 billion as the company saw record profits in North America and made money in Europe for the first time in three years.

It’s the company’s 20th consecutive profitable quarter and its best since second quarter 2011.

The profit, of 32 cents per share, was up from 30 cents per share in the April-June period a year ago.

“Moving forward, our commitment is to build on this success by accelerating our pace of progress, while delivering product excellence and driving innovation in all areas of our business,” Mark Fields, president and CEO, said in a statement.

Excluding separation costs and other one-time payments, Ford earned 40 cents per share. That beat analysts’ forecast of 36 cents, according to FactSet.

Ford’s revenue fell 1 percent to $37.4 billion, ahead of analysts’ expectation of $36.2 billion.

Ford reported its highest-ever pretax profit of $2.4 billion in North America. In Europe, the company made $14 million, while in Asia Ford’s profit jumped 22 percent to $159 million.

Ford lost $295 million in South America.

TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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