Ford’s recovery is now complete, if it was not already.
Ford reported second quarter net income of $2.6 billion, or $.61 per share, a $338 million improvement from second quarter 2009. Pre-tax operating profit totaled $2.9 billion, or 68 cents per share, a $3.5 billion improvement from second quarter 2009 and a $932 million improvement from first quarter 2010.Revenue for the quarter totaled $31.3 billion, up $4.5 billion from second quarter 2009; excluding Volvo revenue from 2009, the revenue increase was $7.4 billion, or over 30%.
Ford also began to alleviate the issue of whether is has enough debt to pay down its extraordinary debt load. Ford ended the quarter with $21.9 billion of Automotive gross cash and total liquidity of $25.4 billion. Automotive operating-related cash flow was $2.6 billion positive. By the end of 2011, Ford expects to move from an Automotive net debt position to a net cash position.
For the second quarter, Ford North America reported a pre-tax operating profit of$1.9 billion, compared with a loss of $899 million a year ago. Ford South America reported a pre-tax operating profit of $285 million, compared with a profit of $86 million a year ago.
Ford Europe reported a pre-tax operating profit of $322 million, compared with a profit of $57 million a year ago. Ford Asia Pacific Africa reported a pre-tax operating profit of $113 million, compared with a loss of $27 million a year ago.
It is clear that Ford’s recovery has not just taken root in its home market–it is rooted in every area around the world.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
