Debt reduction helps second-largest automaker to a quarterly gain
DEARBORN, Mich. - Ford Motor Co. posted a surprise second-quarter profit of $2.8 billion Thursday, due to income related to a reduction of debt.
The nation’s second-largest automaker said it earned 69 cents a share, compared with a loss of $8.7 billion, or $3.89 a share, for the same quarter a year ago. That quarter was the worst in Ford’s history.
Excluding special items, including the debt reduction, Dearborn, Mich.-based Ford would have lost $424 million, or 21 cents a share, far surpassing analysts’ expectations. Analysts polled Thomson Reuters expected a per share loss of 50 cents on revenue of $24.7 billion.
GO HERE to read more from MSNBC.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Shame Barack & his Czars didn't get a hold of this one too; they could have bankrupt them and sold out the last American car company to foreign investors, be it Fiat like Chrysler or Chinese money launderers as with GM. Oh well Mr. "The ONE" President, bout time you started losing some.
ReplyDeleteu GO Ford!
ReplyDeleteFord Motor Company is glad that their two primary domestic competitors have received special help. Having your competition helped out by your customers' tax dollars (and your own tax dollars!) is a real motivating factor. Competing against a company that can never ever fail, no matter how low they drive costs, and prices, is a good thing. When your competitor doesn't have to repay its loans for the improvements it has made, it is really cool. Ford thinks it could also perform very well if all its employees tied one arm behind their bakcs, and jumped around on one foot. Hell, they could even compete with one eye closed.
ReplyDeleteThe local Wawa is going to take up a collection next week from its employees and customers to give some money to Royal Farms. Wawa is hoping Royal Farms will build a massive beautiful store right across the street from them. Wawa says it is tired of making easy money, and wants a little competition.
I've been thinking about keeping a record of every time I drive faster than the speed limit, and then mailing some money to the State Police office each month. I don't have extra money or anything like that. I just think life will be more interesting if I put myself in the penalty box.
I knew I should have bought some Ford stock back when it dipped real low.....
ReplyDeleteIsnt that interesting,how even with the Government backing it GM is failing and dealerships are closing and Ford is thriving?Survival of the fittest!
hi ,The local Wawa is going to take up a collection next week from its employees and customers to give some money to Royal Farms. Wawa is hoping Royal Farms will build a massive beautiful store right across the street from them. Wawa says it is tired of making easy money, and wants a little competition.
ReplyDeleteFord has done brilliantly through this financial crisis. They will come through this much stronger than the other car makers.
ReplyDelete