Ford Europe registers first profitable quarter in three years

American auto major Ford Motor registered a second-quarter pretax profit of 2.6 billion USD, backed by a record performance in the North American region and Europe's first quarterly profit in three years. Although the revenue posted a marginal dip at 37.4 USD billion.

The Blue Oval's pretax profit went up to 44 million USD as compared to a year earlier. The second-quarter net income stood at 1.3 billion USD, recording an increase of 78 million USD, as against same time last year. While, the brand's net figure was trimmed by pretax special charges of 481 million USD.

“Our One Ford plan continues to deliver, enabling us to reach our 20th consecutive quarter of profitability,” said Mark Fields, Ford's president and CEO. “Moving forward, our commitment is to build on this success by accelerating our pace of progress, while delivering product excellence and driving innovation in all areas of our business.”

The best results came from Ford's European arm, where it recorded their first ever quarterly profit at 14 million USD in past three years. In North America, pretax profit was 2.4 billion USD, while in the Asia Pacific region, the profit figure stood at 159 million USD. Except for the South African region, the brand showed profitable and improved results in comparison to the last year's second quarter in almost every region it operates globally. The brand's financial unit, Ford Motor Credit, posted a second quarter pretax profit of 434 million USD, with a 20 million USD decrease in comparison to last year. The company expected the unit’s full year pretax profit to be higher than 1.76 billion USD profit of 2013.

Despite all this growth, the situations will get leaner in the second half, as the blue oval closes one of its pickup truck plants to prepare for its new aluminum-sided F-150 and spends more on materials and advertising. Else, Ford will be launching 23 new products worldwide this year, including 16 in North America.

Source : CarDekho