Nevada News Reporter

Ford profit surges as big vehicles soar

Ford profit surges as big vehicles soar

Ford earned $1.9 billion in the second-quarter, up 44% from a year earlier, largely on the strength of sales of larger, higher priced and more profitable vehicles in North America. On an earnings per share basis, Ford made 47 cents, exceeding the 37 cents per share consensus estimate among 17 Wall Street analysts. Ford+Reports+Profit+Ninth+Consecutive+Quarter+fqGVWYMWnCIl

As with General Motors, which reported a $1.1 billion second-quarter profit last week, Ford derived the overwhelming portion of its profit from North America, where its pre-tax operating income was a best-ever $2.6 billion, up from $2.4 billion in the second quarter of 2014. In other regions, Ford nearly broke even in Europe, where it lost $14 million before taxes — it made $14 million before taxes a year earlier. The automaker made $192 million in Asia Pacific, lost $185 million before taxes in South America and lost $46 million in the Middle East and Africa.

Global revenue slipped by $100 million from a year earlier to $37.3 billion. Ford’s North American profit margin was 11.1% for the second quarter, down from 11.6% in the year-earlier quarter. This is Ford’s last financial report before the deadline expires on its four-year labor agreement with the UAW on midnight Sept. 14. It reflects surging demand in the U.S. where the auto industry is expected to sell about 17 million new cars and trucks this year, its best year in more than a decade.