Ford Motor (F) posted a hefty profit in the second quarter, reporting net income of $2.6 billion, or 61 cents a share, compared to a loss of $638 million, or 21 cents a share, in the comparable quarter a year ago, which included a one-time gain related to debt reduction. The current results beat analyst expectations of 40 cents a share, according to consensus estimates compiled by Zacks.com.
Excluding special items, Ford reported a pretax operating profit of $2.9 billion, or 68 cents a share, an improvement of $3.5 billion from a year ago and a $932 million improvement from the prior quarter, the Dearborn, Mich.-based automaker said. It was Ford's best quarterly performance since the first quarter of 2004, it said.
"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," Ford President and CEO Alan Mulally said in a written statement. "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.
Ford's second quarter revenue rose $4.5 billion to $31.3 billion from the same period a year ago. Excluding 2009 revenue from Volvo, which Ford sold off earlier this year, Ford's revenue in the second quarter rose $7.4 billion, or 30%, compared to last year.
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