Photo: Ford
Analysts were a bit skeptical if the Blue Oval would be able to cut the financial mustard in the second quarter of 2014, but results were better than the industry expected. Although Ford's $1.3 billion net income was trimmed by special charges worth $481 million, the American manufacturer prides itself with a $78 million net increase over last year's Q2.
That's way better than the $190 million second quarter net income posted by General Motors. Although revenue dropped slightly to $37.4 billion, the Blue Oval has a reason to pop the champagne bottle and drink up - "Our One Ford plan continues to deliver, enabling us to reach our 20th consecutive quarter of profitability," declared CEO Mark Fields, who assumed the job on July 1 after the retirement of Alan Mulally.
But the biggest news is that Ford's European arm has recorded its first ever quarterly profit ($14 million) in 3 years. In North America, pretax profit was $2.4 billion, while the Asia Pacific region was met with a $159 million profit. Except for South Africa, the American manufacturer tells that all auto business units were profitable and improved compared to the second quarter of 2013. As for the Blue Oval's financial unit, Ford Motor Credit posted a quarterly profit of $434 million, a $20 decrease from Q2 2013.
In related news, the automaker's Dearborn truck plant will cease operations for 8 weeks at the end of August for retooling in order to start assembly of the 2015 Ford F-150 pickup. The new truck's body is 95 percent aluminum alloy, translating to a 732-lbs (332 kgs) curb weight drop compared to the 2014 model year. Also new is the 2.7-liter EcoBoost V6 mill, producing 325 horses and 375 lb-ft (508 Nm). That oomph translates to a 8,500-lbs (3,855 kgs) towing capacity and a 2,250-lbs (1,020 kgs) max payload.
But the biggest news is that Ford's European arm has recorded its first ever quarterly profit ($14 million) in 3 years. In North America, pretax profit was $2.4 billion, while the Asia Pacific region was met with a $159 million profit. Except for South Africa, the American manufacturer tells that all auto business units were profitable and improved compared to the second quarter of 2013. As for the Blue Oval's financial unit, Ford Motor Credit posted a quarterly profit of $434 million, a $20 decrease from Q2 2013.
In related news, the automaker's Dearborn truck plant will cease operations for 8 weeks at the end of August for retooling in order to start assembly of the 2015 Ford F-150 pickup. The new truck's body is 95 percent aluminum alloy, translating to a 732-lbs (332 kgs) curb weight drop compared to the 2014 model year. Also new is the 2.7-liter EcoBoost V6 mill, producing 325 horses and 375 lb-ft (508 Nm). That oomph translates to a 8,500-lbs (3,855 kgs) towing capacity and a 2,250-lbs (1,020 kgs) max payload.
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