Ford Posts $1.9B Second Quarter Profit, Largest Since 2000

Ford announced that it made a $1.9 billion net-adjusted profit in the second quarter of 2015, marking the largest gain for the automaker since 2000, according to Automotive News.
The profit represents a 44-percent gain over last year despite dipping global sales and a stronger U.S. dollar hampering exports. Ford said it was selling cars for more money and offering fewer incentives, despite recent reports of F-150 incentives topping nearly $11,000 in some places.
Ford said revenues in North America surged 10 percent, which helped the company beat Wall Street’s expectations.

The 10-percent gain in revenue in North America is despite Ford’s slower-than-average sales compared to the overall industry average. Automotive News reported that the automaker achieved a 1.7-percent increase in sales for the second quarter compared to the industry average of 3.3 percent.
A slowdown in production of the F-150 is partially to blame for the sales shortfall. Building the redesigned F-150 at both of Ford’s plants has gone slower than normal, the automaker said, and inventory levels should return to normal in September.
The automaker said it increased its global market share one-tenth of a percent to 7.6 percent. Twelve of its 16 planned global launches have happened already this year, and Ford said the rest were on track. The company said it was still on track for an end-of-year, pre-tax profit of between $8.5 billion and $9.5 billion.
Ford posted a net loss in South American, European, Middle Eastern and African markets, but posted a $33 million gain in the Asia Pacific region, a 20-percent improvement over last year.
Ford Credit posed a $506 million pre-tax profit for the second quarter, a 17-percent gain.
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