“We are pleased with our second quarter results as market conditions remain challenging around the world,” Mike Bannister, Ford CEO said. “With our solid business fundamentals and our focus on prudent lending, sound risk management and high-quality servicing, we continue to provide valuable support to Ford Motor Company, its dealers and its customers.”
"Ford Credit expects its second half results to be lower than its first half 2009 results. Ford Credit does not expect the net gains related to unhedged currency exposures or improvements in lease residual losses in the amounts experienced in the second quarter of 2009 to continue. A continuing decline in receivables will also contribute to lower second half 2009 results."
For the future, Ford Credit remains pessimistic, as it expects to post second half results lower than its first half 2009 results. "Ford Credit does not expect the net gains related to unhedged currency exposures or improvements in lease residual losses in the amounts experienced in the second quarter of 2009 to continue. A continuing decline in receivables will also contribute to lower second half 2009 results."
As for the group itself, Ford will reportedly post a $2.3 billion quarterly profit, mainly due to debt restructuring. Reuters reports that the net profit amounted to 69 cents per share for the second quarter, compared with a net loss of $2.7 billion, or $3.89 per share, a year earlier.
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