Ford has reported second quarter net income of US$2.6bn, or 61 cents per share, a $338m improvement from second quarter 2009. Pre-tax operating profit totaled $2.9bn, or 68 cents per share, a $3.5bn improvement from second quarter 2009 and a $932m improvement from first quarter 2010.
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Ford Automotive operations posted a second quarter pre-tax operating profit of $2.1bn, a $3.2bn improvement from second quarter 2009 and $872m improvement from first quarter 2010.
Each automotive business operation reported a profit for the quarter and showed improvement compared with a year ago, the automaker said in a statement on Friday.
Ford North America reported second quarter pre-tax operating profit of $1.9bn, a $2.8bn improvement from second quarter 2009 and $645m improvement from first quarter 2010.
Revenue for the quarter totaled $31.3bn, up $4.5bn from second quarter 2009; excluding Volvo revenue from 2009, the revenue increase was $7.4bn, or over 30%.
Ford said it ended the quarter with $21.9bn of automotive gross cash and total liquidity of $25.4bn. Automotive operating-related cash flow was $2.6bn positive
Ford retired $7bn of debt, lowering annual interest costs by more than $470m. Ford ended the quarter with $27.3bn in automotive debt.
Pre-tax operating profit in the first half was $5bn, a $7.5bn improvement over first half 2009.
Ford Credit reported second quarter pre-tax operating profit of $888m, a $242m improvement from second quarter 2009 and a $60m improvement from first quarter 2010.
Ford is on track to deliver solid profits in 2010 with positive automotive operating-related cash flow, and continued improvement in 2011.
By the end of 2011, Ford expects to move from an automotive net debt position to a net cash position, it said.
