Ford Profit Beats Estimates on Record Income in North America
Source: Bloomberg
by Keith Naughton
July 28, 2015 — 7:00 AM EDT
Ford Motor Co. posted a 44 percent surge in second-quarter profit, exceeding analysts’ estimates thanks to consumers paying big money for new models including fully loaded versions of the new aluminum-bodied F-150 pickup.
Ford reported net income of $1.9 billion, or 47 cents a share, compared with $1.3 billion, or 32 cents a year earlier. Profit beat the 37-cent average estimate of 17 analysts surveyed by Bloomberg.
The results ease pressure on Ford for the second half. Chief Executive Officer Mark Fields has pledged pretax profit will grow by as much as 51 percent this year as Ford resumes full production of the F-150, its top selling model. Ford had record profits in North America, with an operating margin of 11.1 percent, even as it sold fewer of its pricey pickups.
“This is a great quarter that demonstrates that there’s more to Ford and more to North America than the F-150,” Bob Shanks, the automaker’s chief financial officer, said today on Bloomberg TV. “We’re excited about what’s ahead for us with the F-150.”
Read more: http://www.bloomberg.com/news/articles/2015-07-28/ford-profit-beats-estimates-as-buyers-pay-up-for-f-150-pickup
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