Hi, Guest
07-26-2007, 11:49 PM
(This post was last modified: 07-26-2007, 11:55 PM by Frost__2001.)
Ford surprises with first profit in 2 years
Associated Press
July 26, 2007
DEARBORN, Mich. ââ¬â ââ¬â Ford Motor Co. has posted surprising second-quarter earnings of $750-million, its first profitable quarter in two years.
The profit of 31 cents per share compares with a net loss of $317-million, or 17 cents per share, in the same quarter of last year.
The company attributed the gains to significant year-over-year improvement in all of its automotive operations, and to cost cuts from a restructuring and positive special items that totalled $443-million. That includes a $206-million gain related to sale of its Aston Martin unit.
Ford's performance surprised Wall Street. Fifteen analysts polled by Thomson Financial expected the company to lose 35 cents per share, excluding special items.
Wall Street analysts had nearly universally predicted another quarter of losses for Ford - especially given the continual downturn in car sales. But sales of the Edge crossover have increased of late and Ford's cutting of jobs and closing of plants has dramatically dropped operating costs.
Associated Press
July 26, 2007
DEARBORN, Mich. ââ¬â ââ¬â Ford Motor Co. has posted surprising second-quarter earnings of $750-million, its first profitable quarter in two years.
The profit of 31 cents per share compares with a net loss of $317-million, or 17 cents per share, in the same quarter of last year.
The company attributed the gains to significant year-over-year improvement in all of its automotive operations, and to cost cuts from a restructuring and positive special items that totalled $443-million. That includes a $206-million gain related to sale of its Aston Martin unit.
Ford's performance surprised Wall Street. Fifteen analysts polled by Thomson Financial expected the company to lose 35 cents per share, excluding special items.
Wall Street analysts had nearly universally predicted another quarter of losses for Ford - especially given the continual downturn in car sales. But sales of the Edge crossover have increased of late and Ford's cutting of jobs and closing of plants has dramatically dropped operating costs.
I was the only member on this board with a Yellow Focus Sedan, and a 2002+ Euro Facelift on a sedan.