Ford's second quarter net income hits the gas
Automotive giant Ford Motor saw its net income jump in the second quarter, as its North American business recorded its largest-ever quarterly profit.
Ford Motor Co.
$12.94
11:10 23/04/24
The Michigan-based group said on Tuesday its net income surged 46% year-on-year in the second quarter to $1.9bn, as its performance in North America staged a solid comeback after a disappointing first quarter.
Revenue declined by less than 1% from the corresponding period in 2014, while worldwide sales climbed 2% as the car-maker sold more cars in Europe and in North America over the period than it did in the second quarter of 2014.
The group’s pre-tax profit rose 11% to $2.9bn, while at 47 cents per share, earnings were approximately 10 cents better than analysts had expected, as operating margins rose to 11.1% in North America and 7.8% in the Asia Pacific region.
Ford shares were up 2.13% to $14.89 in pre-market trading in New York on Tuesday.