Ford has surprised the industry by posting a net profit of $750 million for the second quarter of 2007. After seven straight quarters of being in the red, Ford has managed to come back. Well don’t get excited because it wasn’t from actual car sales in North America, sales dropped 9 percent last quarter.
Although Ford’s actual sales were down, nearly every other Ford division managed to make a profit, including PAG. Ford Motor Credit also helped rake in the dollars with $112 million of profit. Ford also continues to cut costs which saved an additional $600 million last quarter.
Analysts had been predicting that Ford was still going to be in the red last quarter.
Does this all mean that the rough times are in the past for Ford? It seems that Ford’s biggest problem is their actual vehicle sales in North America, which were down last quarter. The pending sale of Jaguar, Land Rover and maybe even Volvo could help with revenues for this quarter as well. Either way it is good news to hear that Ford is back in the black!
Full Story: Autoblog
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