Ford Motor Company [NYSE: F] posted its 17th consecutive quarter of improved operating earnings in the second quarter with a record $2.7 billion, or $2.20 per diluted share of common or Class B stock, up 10 percent. The results compare with second quarter operating earnings in 1999 of $2.48 billion, or $2.00 per diluted share.

As previously announced, Ford posted after-tax one-time charges in the second quarter for asset impairments and restructuring costs in Europe totaling $1 billion (83 cents per share) and the spin-off of Visteon totaling $2.3 billion ($1.84 per share). Including these charges, Ford's after-tax net result was a loss of $577 million, or 47 cents per share. During the same period in 1999, Ford took an after-tax one-time charge of $146 million, or 11 cents a share, related to the acquisition of Volvo Car. Including this charge, Ford's second quarter 1999 net income totaled $2.34 billion or $1.89 a share.

Second-quarter revenues were a record $44.5 billion, up 6 percent from $41.9 billion in the second quarter of 1999.

"A strong overall product lineup and new hit products are driving our strong operating earnings momentum," said Jac Nasser, Ford Motor Company president and chief executive officer. "In addition, we are accelerating the transformation of Ford Motor Company, evidenced by the deployment of consumer-driven Six Sigma, our many e-business initiatives, our purchase of Land Rover, the difficult but decisive actions in Europe and the spin-off of Visteon Corporation."

On June 28, Visteon Corporation [NYSE: VC] became an independent company through a 100 percent distribution of Visteon stock to Ford shareholders. Visteon's second quarter earnings were reported separately yesterday and are included in Ford Motor Company's overall results as a discontinued operation, but excluded from the company's automotive results.

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