MagicMtnDan
FRF Addict
Ford posted a $2.8 billion net profit for the period ended June 30
Ford Is Slowly Climbing Out Of Debt
Joann Muller, 07.23.10, 05:10 PM ED
T
With better cars and higher prices, Ford is generating the cash it needs to get back on its feet.
DETROIT -- Ford Motor hocked everything, even the company's famous logo, to avoid the kind of collapse that landed General Motors and Chrysler in bankruptcy. The downside is that now the company is buried in debt.
But if Ford keeps generating results like it did in the second quarter, that'll be less of a problem.
Ford posted a $2.8 billion net profit for the period ended June 30, as it lured car buyers to pay higher prices for its newest models. It was Ford's fifth straight profitable quarter. Revenues were $31.3 billion, up more than 30 % from the same period a year ago (excluding Volvo, which is about to be sold to China's Geely Automotive).
For the first half, Ford's pre-tax operating profit was $5 billion, a $7.5 billion improvement over the first half of 2009, when the industry was in a tailspin.
"We're ahead of where we thought we'd be after the first half, and we expect even better results in 2011," said Chief Executive Alan Mulally.
Ford Is Slowly Climbing Out Of Debt
Joann Muller, 07.23.10, 05:10 PM ED
T
With better cars and higher prices, Ford is generating the cash it needs to get back on its feet.
DETROIT -- Ford Motor hocked everything, even the company's famous logo, to avoid the kind of collapse that landed General Motors and Chrysler in bankruptcy. The downside is that now the company is buried in debt.
But if Ford keeps generating results like it did in the second quarter, that'll be less of a problem.
Ford posted a $2.8 billion net profit for the period ended June 30, as it lured car buyers to pay higher prices for its newest models. It was Ford's fifth straight profitable quarter. Revenues were $31.3 billion, up more than 30 % from the same period a year ago (excluding Volvo, which is about to be sold to China's Geely Automotive).
For the first half, Ford's pre-tax operating profit was $5 billion, a $7.5 billion improvement over the first half of 2009, when the industry was in a tailspin.
"We're ahead of where we thought we'd be after the first half, and we expect even better results in 2011," said Chief Executive Alan Mulally.
