Ford Profit Beats Estimates on Record North American Income - Bloomberg
Ford Motor Co. posted a 44 percent surge in second-quarter profit, exceeding analysts’ estimates thanks to consumers paying big money for new models including fully loaded versions of the new aluminum-bodied F-150 pickup. Ford reported net income of $1. 9 billion, or 47 cents a share, compared with $1. 3 billion, or 32 cents a year earlier. Chief Executive Officer Mark Fields has pledged pretax profit will grow by as much as 51 percent this year as Ford resumes full production of the F-150, its top selling model. Ford had record profits in North America, with an operating margin of 11. 1 percent, even as it sold fewer of its pricey pickups. “This is a great quarter that demonstrates that there’s more to Ford and more to North America than the F-150,” Bob Shanks, the automaker’s chief financial officer, said today on Bloomberg TV. “We’re excited about what’s ahead for us with the... Ford started offering discounts of more than $10,000 on the new truck in some areas after U. S. sales fell 8. 9 percent last month. But we’re coming out of the launch now and building stock, so we’re ready for it. ”. Ford Shares Rise After Ford reported earnings, the company’s shares jumped as much as 3. 1. Source: www.bloomberg.com
