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FORD POSTS NET INCOME OF $2.6 BILLION IN SECOND QUARTER 2010


Bruce Nunnally

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* 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

Read More: http://media.ford.com/article_display.cfm?article_id=32973

Bruce

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