Ford Motor Co has reported second quarter profit of S2.6 Billion as sales in U.S. rise by 20% and the company continues to gain further market share.
The company has earned a total of $2.1 Billion on its automotive operations compared to $1.1 Billion loss a year earlier. Revenues rose $4.5 Billion to $33.1 Billion.
The strong showing has surpassed market expectations and an earlier projection by CFO Lewis Booth who said that the company’s first quarter profit of $2.1 Billion would be the year’s strongest.
“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,” CEO Alan Mulally said in a statement.
source: autonews.com
Ford has ended the quarter with automotive gross cash of $21.9 Billion, down from $25.3 Billion at the end of the first quarter. The decline according to the company is attributed to debt-reduction efforts and product launch costs
The company also said that it automotive debt fell to $27.3 Billion from $34.3 Billion at the end of the first quarter. The automaker expects to move from an automotive net debt position to a net cash position by the end of 2011.
Ford’s market share in U.S. stands at 17.5 percent through June, up 1.5 point from the previous year’s figure.
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