Ford posts $2.6 billion second quarter income, says all automotive business operations are profitable

July 23rd, 2010 - 7:47 pm ICT by BNO News  

DEARBORN, MICHIGAN (BNO NEWS) — Ford Motor Co. on Friday reported a second quarter net income of $2.6 billion, or 61 cents per share, as each of its major business operations around the world recorded improved profits.

The net income showed an increase of $338 million from the second quarter 2009, as its U.S. sales rose 21 percent thanks to strong retail market performance of the company’s products, including the F-Series, Taurus, and Transit Connect.

But the company achieved an even bigger sales increase in Asia Pacific Africa, where its sales rose 27 percent, including a 20 percent increase in China.

Meanwhile, Ford reported tripled quarterly sales in India as the new Ford Figo received around 25,000 orders in its first 100 days on the market.

Friday’s results were Ford’s fifth straight quarterly profit.

Other second quarter highlights included the fact that Ford repaid $7 billion of Automotive debt, including $3.8 billion to the UAW Retiree Medical Benefits Trust and $3 billion of the company’s revolving credit facility.

It also announced a $450 million investment to build a flexible vehicle manufacturing plant in Thailand, announced a $250 million investment in Ford Pacheco Plant in Argentina, and announced a $135 million investment to design, engineer and produce key components in Michigan for Ford’s next-generation hybrid-electric vehicles that go into production in 2012.

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