Ford's $2.4 billion Second-Quarter Profit Affected By Material, Development Costs
DEARBORN, MICHIGAN - Ford Motor Company's net income of $2.4 billion in the second quarter of 2011 totaled $201 million less than a year ago, due to increased expenditures on materials and new product development. Gross revenues increased by $4.2 billion for the quarter, to $35.5 billion. These latest results represent Ford's ninth consecutive quarterly profit.
The net income represents a 59-cent per share profit. Pre-tax operating profit was $2.9 billion, or 65 cents per share. Ford reduced automotive debt by $2.6 billion. End of quarter gross cash on hand was $22 billion, a $700 million improvement over the end of the first quarter of 2011. Gross cash exceeded debt by $8 billion at the end of the quarter, up $6.6 billion over the first half.
Ford's first half 2011 net income totaled $4.9 billion, from a pre-tax income of $5.7 billion, and automotive cash flow for the half totaled $4.5 billion.
Source: Ford Motor Company