Ford posted a second quarter profit of $2.6 billion, a $338 million improvement from a year ago. This equates to earnings of 68 cents per share (before one-time adjustments), which easily beat analyst expectations of 41 cents per share. Before taxes, Ford earned $2.9 billion which is the company’s best quarterly performance since 2004.
Second quarter revenue totaled $31.3 billion (up $4.5 billion from a year ago), while “Automotive operating-related cash flow” was $2.6 billion. Ford ended the quarter with $21.9 billion in gross cash, a decrease of $3.4 billion (from 1Q), but managed to retire $7 billion of debt.
According to Ford’s President and CEO, Alan Mulally, “We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions. We remain on track to deliver solid profits and positive Automotive operating-related cash flow for 2010, and we expect even better financial results in 2011.”