Ford Posts Net Income of $2.6 Billion in Second Quarter 2010

[xcel]

Ford, one of America’s best keeps on rolling in the coin.

Wayne Gerdes - CleanMPG - July 25, 2010

2011 Ford SuperDuty – Best of the best in the HD P/U segment and a large part of Ford’s recent profitability can be attributed to its design.

Ford Second Quarter Highlights at a Glance

• Ford reports second quarter net income of $2.6 billion, or 61 cents 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.
  
  
• Ford Automotive operations posted a second quarter pre-tax operating profit of $2.1 billion, a $3.2 billion improvement from second quarter 2009 and $872 million improvement from first quarter 2010.
  
  
• Each Automotive business operation reported a profit for the quarter and showed improvement compared with a year ago; Ford North America reported second quarter pre-tax operating profit of $1.9 billion, a
  $2.8 billion improvement from second quarter 2009 and $645 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 percent.
  
  
• 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.
  
  
• Ford retired $7 billion of debt, lowering annualized interest costs by more than $470 million. Ford ended the quarter with $27.3 billion in Automotive debt.
  
  
• Pre-tax operating profit in the first half equaled $5 billion, a $7.5 billion improvement over first half 2009.
  
  
• Ford Credit reported second quarter pre-tax operating profit of $888 million, a $242 million improvement from second quarter 2009 and a $60 million 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

[ALS]

And did you see who was taking credit for Ford's good fortunes?

That unbelievable egomaniac says if he hadn't bailed out GM and Chrysler Ford wouldn't be doing so well. He is the reason for Ford's good fortunes, not the board of directors who told the Government to keep the money?

[xcel]

Hi Al:

Who said that?

Wayne