Ford Earns $2.4 Billion Net Income in Second Quarter 2011; Strengthens Foundation for Continued Global Growth+
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- Second quarter net income was $2.4 billion, or 59 cents per share, a $201 million decrease from second quarter 2010. Pre-tax operating profit was $2.9 billion, or 65 cents per share, a decrease of $64 million from second quarter 2010.
- Automotive pre-tax operating profit was $2.3 billion for the second quarter, an increase of $209 million from second quarter 2010.
- Ford Credit reported a pre-tax operating profit of $604 million for the second quarter, a decrease of $284 million from second quarter 2010.
- Total Company revenue was $35.5 billion in the second quarter, up $4.2 billion from second quarter 2010.
- Ford generated positive Automotive operating-related cash flow of $2.3 billion in the second quarter.
- Ford continued to reduce Automotive debt with an additional $2.6 billion of net debt reductions in the second quarter as a result of payments on its term loans and full repayment of the outstanding balance on its revolving credit line.
- Ford ended the second quarter with Automotive gross cash of $22 billion, an increase of $700 million compared to March 31, 2011. Ford’s Automotive gross cash exceeded debt by $8 billion, an improvement of $6.6 billion during the first half of 2011.
- Ford ended the second quarter with $32.2 billion in total Automotive liquidity, an increase of $4.3 billion over the first half.
- For full year results, Ford plans to deliver continued improvement in pre-tax operating profit and Automotive operating-related cash flow compared to 2010.