Ford profit falls 57 pct to $1 billion in 2Q as European losses swamp strong North America

DEARBORN, Mich. – Ford Motor Co. says its net income fell by 57 per cent to $1 billion in the second quarter as losses in Europe and Asia mounted.

The company lowered its full-year profit forecast. Ford still expects a strong operating profit, but it will be lower than 2011. Previously the company had expected to make about the same amount.

Ford earned 26 cents per share on revenue of $33.3 billion. Without one-time items, including the sale of two parts factories, it earned 30 cents per share. That was ahead of Wall Street’s forecast of 28 cents per share on revenue of $32.9 billion.

Ford posted a $2 billion profit in North America in the second quarter. But it lost $404 million in Europe, where sales have slowed because of the economic crisis.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles