Ford_News
07-24-2013, 09:03 AM
Filed under: Ford (http://www.autoblog.com/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://o.aolcdn.com/dims-shared/dims3/GLOB/crop/1280x850+0+0/resize/628x/format/jpg/quality/85/http://hss-prod.hss.aol.com/hss/storage/adam/2a64e94aee47077b682cc5f5f42baf62/18-2013-ford-fusion.jpg (http://www.cnbc.com/id/100900410)
Ford (http://www.autoblog.com/ford/) is rolling along nicely, with a positive second-quarter sales report and a $2.3 billion profit in North America. The Dearborn, Michigan-based manufacturer captured $1.2 billion globally from April to June, with a $177 million profit in Asia. Even in Europe, the land of doom and gloom for automakers not named Mazda, (http://www.autoblog.com/2013/07/20/mazda-sales-increase-europe-no-factories/) Ford saw some success as it lowered its expected full-year loss from $2 billion to $1.8 billion. The company lost $348 million in Europe during the second quarter, which, believe it or not, represents a $56-million improvement over 2012.
According to the report on CNBC (http://www.cnbc.com/id/100900410), Ford enjoyed a three-percent increase in pre-market trading thanks to the news. The strong demand for the F-150 (http://www.autoblog.com/ford/f-150/) propelled growth in the US market, while Ford's 47-percent increase in Asian sales can be attributed to the new EcoSport (http://www.autoblog.com/tag/ford+ecosport/) crossover and Kuga (http://www.autoblog.com/tag/ford+kuga/) (Ford Escape (http://www.autoblog.com/ford/escape/) in the US) arriving in the somewhat fragile Chinese market (http://www.autoblog.com/2013/07/12/china-to-expand-anti-smog-efforts-by-limiting-car-buying-in-more/).
Pre-tax profits for Ford are expected to be in the neighborhood of $8 billion by the end of the year, with sales the US, Europe, and China all looking up. The company also shifted $4.78 billion of asset-backed debt in the form of bonds, according to a report by Bloomberg (http://www.bloomberg.com/news/2013-07-22/ford-leads-4-78-billion-of-asset-backed-deals-as-sales-surge.html). This move came amidst rumors of the Federal Reserve cutting back on its $85-billion-per-month bond purchases. Ford wasn't alone among automakers looking to sell off debt, though, as Mercedes-Benz (http://www.autoblog.com/mercedes-benz/) and Nissan (http://www.autoblog.com/nissan/) shifted around $1 billion each in bonds relating to auto loans.Ford books $1.2B profit in second quarter on strength of trucks (http://www.autoblog.com/2013/07/24/ford-q2-profilt/) originally appeared on Autoblog (http://www.autoblog.com) on Wed, 24 Jul 2013 10:59:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2013/07/24/ford-q2-profilt/) | Email this (http://www.autoblog.com/forward/20675226/) | Comments (http://www.autoblog.com/2013/07/24/ford-q2-profilt/#comments)
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http://o.aolcdn.com/dims-shared/dims3/GLOB/crop/1280x850+0+0/resize/628x/format/jpg/quality/85/http://hss-prod.hss.aol.com/hss/storage/adam/2a64e94aee47077b682cc5f5f42baf62/18-2013-ford-fusion.jpg (http://www.cnbc.com/id/100900410)
Ford (http://www.autoblog.com/ford/) is rolling along nicely, with a positive second-quarter sales report and a $2.3 billion profit in North America. The Dearborn, Michigan-based manufacturer captured $1.2 billion globally from April to June, with a $177 million profit in Asia. Even in Europe, the land of doom and gloom for automakers not named Mazda, (http://www.autoblog.com/2013/07/20/mazda-sales-increase-europe-no-factories/) Ford saw some success as it lowered its expected full-year loss from $2 billion to $1.8 billion. The company lost $348 million in Europe during the second quarter, which, believe it or not, represents a $56-million improvement over 2012.
According to the report on CNBC (http://www.cnbc.com/id/100900410), Ford enjoyed a three-percent increase in pre-market trading thanks to the news. The strong demand for the F-150 (http://www.autoblog.com/ford/f-150/) propelled growth in the US market, while Ford's 47-percent increase in Asian sales can be attributed to the new EcoSport (http://www.autoblog.com/tag/ford+ecosport/) crossover and Kuga (http://www.autoblog.com/tag/ford+kuga/) (Ford Escape (http://www.autoblog.com/ford/escape/) in the US) arriving in the somewhat fragile Chinese market (http://www.autoblog.com/2013/07/12/china-to-expand-anti-smog-efforts-by-limiting-car-buying-in-more/).
Pre-tax profits for Ford are expected to be in the neighborhood of $8 billion by the end of the year, with sales the US, Europe, and China all looking up. The company also shifted $4.78 billion of asset-backed debt in the form of bonds, according to a report by Bloomberg (http://www.bloomberg.com/news/2013-07-22/ford-leads-4-78-billion-of-asset-backed-deals-as-sales-surge.html). This move came amidst rumors of the Federal Reserve cutting back on its $85-billion-per-month bond purchases. Ford wasn't alone among automakers looking to sell off debt, though, as Mercedes-Benz (http://www.autoblog.com/mercedes-benz/) and Nissan (http://www.autoblog.com/nissan/) shifted around $1 billion each in bonds relating to auto loans.Ford books $1.2B profit in second quarter on strength of trucks (http://www.autoblog.com/2013/07/24/ford-q2-profilt/) originally appeared on Autoblog (http://www.autoblog.com) on Wed, 24 Jul 2013 10:59:00 EST. Please see our terms for use of feeds (http://www.mnfords.com/rss-term-of-use/).
Permalink (http://www.autoblog.com/2013/07/24/ford-q2-profilt/) | Email this (http://www.autoblog.com/forward/20675226/) | Comments (http://www.autoblog.com/2013/07/24/ford-q2-profilt/#comments)
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