Ford announced today that it earned a net income of $2.4 billion, or 59 cents per share, a $201 million decrease from second quarter 2010. Pre-tax operating profit was $2.9 billion, or 65 cents per share, a decrease of $64 million from second quarter 2010.
“We delivered very good second quarter results while growing the business globally and serving more customers in every region,” said Alan Mulally, Ford president and CEO. “Despite an uncertain business environment, we further strengthened our balance sheet and continued to invest for the future.”
Ford said that it had a positive cash flow of $2.3 billion in the second quarter. The Dearborn automaker continues to reduce and cut an additional $2.6 billion of net debt in the second quarter as a result of payments on its term loans and full repayment of the outstanding balance on its revolving credit line.
“We are on track for solid results in 2011, including delivering on our guidance for improved full-year pre-tax operating profit and Automotive operating-related cash flow compared with last year,” said Lewis Booth, Ford executive vice president and chief financial officer. “Going forward, we will continue building on this solid foundation for future investment and growth.”
– By: Omar Rana