Ford profit falls as European losses offset strong U.S. results |
Los Angeles Times - Jul 25, 2012 |
Although Ford Motor Co. continues to make large profits in America, its second-quarter earnings fell by more than half because of losses in Europe and other regions of the world.
Ford earnings slipped 57% to just over $1 billion in the second quarter, compared with the same period a year earlier. Earnings per share dropped to 26 cents from 59 cents a year ago. Revenue also declined, falling 6% to $33.3 billion.
However the automaker continues to post strong results in the U.S. and North America. Its operating profit in the region rose 5% to just over $2 billion.
Analysts said Ford did better than expected, given the negative economic news spewing from Europe during the last quarter.
Results from the second quarter “comes as some relief for a very beaten up auto stock,” said Adam Jonas, an analyst with Morgan Stanley & Co.
Read Full Article from Los Angeles Times
- Posted: 2012-07-25 12:58:04
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