Ford Motor Co. posted a 19-percent climb in net income in the second quarter of 2013 to $1.23 billion. In the quarter, the US carmaker logged a 15-percent jump in revenues to $38.1 billion and a 40-percent surge in pretax profit to $2.56 billion. According to Ford, its operations in North America set second-quarter and first-half records for pre-tax profits at $2.3 billion and $4.8 billion, respectively.
The carmaker, overall, posted a 16-percent rise in pretax operating profit in North America. Ford’s operations in the Asia Pacific Africa region posted a major turnaround after dangling a $177 million in pretax profits in the second quarter of 2013, compared with $66 million in losses in the same period in 2012.
With the strong results, Ford updated its full-year 2013 forecast to reflect better operating profit as well as higher industry sales in several regions like including China and Europe. The carmaker is seeing an improvement in Europe, where it is now expecting $1.8 billion in losses on par with 2012 results.
Ford previously expected $2 billion in losses in Europe. Ford Chief Financial Officer Bob Shanks remarked that the carmaker is “at the beginning of the phase” where over the next several years, operations outside North America will gain more significance.
Ford’s second quarter results surpassed Wall Street expectations, with Ford shares closing up 2.5 percent at $17.37. Ford chief executive Alan Mullaly said in a statement that the carmaker’s strong second quarter results in “every region around the world” is another proof point that their One Ford plan is continuing to deliver and is building momentum. [source: Ford]