Reporting its second quarter 2010 results today, Ford Motor Company announced the company’s best quarterly performance since the first quarter of 2004, with each of its major business operations around the world recording improved profits.
The company posted net income of $2.6 billion (61 cents per share), an improvement of $338 million over the second quarter of 2009.
Excluding special items, Ford reported a pre-tax operating profit of $2.9 billion, or 68 cents per share, an improvement of $3.5 billion from a year ago and a $932 million improvement from the prior quarter. Ford has now posted an Automotive and total company pre-tax operating profit for four consecutive quarters.
Ford North America posted a second quarter pre-tax operating profit of $1.9 billion, a $2.8 billion improvement from second quarter 2009. “We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions,” said Ford president and CEO Alan Mulally. “We remain on track to deliver solid profits and positive Automotive operating-related cash flow for 2010, and we expect even better financial results in 2011.”
During the second quarter Ford announced $135 million of investment to design, engineer and produce key components in Michigan for its next-generation hybrid-electric vehicles that go into production in 2012. The company also announced a plan to discontinue production of the Mercury brand in the fourth quarter to increase focus on the Ford and Lincoln brands in North America.
The Ford brand was ranked highest among all non-luxury brands in the 2010 J.D. Power & Associates Initial Quality Study.
