| Ford records surprise $750m profit |
| Friday, 27 July 2007 | |||||
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Ford has produced a shock $750m (£350m) profit in the second quarter of the year – its first quarterly profits rise in two years.  The results beat analysts' expectations and mark a significant turnaround on the same period last year when the US carmaker recorded losses of $319m.
Operating profits in the second quarter came to $258m compared with operating losses a year earlier of $118m.
Aston Martin saleThe sale of Aston Martin for £479m earlier this year contributed significantly to the improvement, helping Ford increase pre-tax results by $443m.
“Our team is very encouraged by the significant progress we are making. We recognize the challenges that lie ahead and remain fully committed to delivering our plan,” said Ford president and CEO Alan Mulally.
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Brian McLean
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Whilst 'one swallow ... Whilst 'one swallow doesn't make a summer' it must be encouraging for Ford to see desposing of Aston Martin has gone straight to the bottom line as a positive effect. It will be interesting to see if the proposed Jaguar/Land Rover disposal has a similar effect! The shortfall between aquisition cost and anticipated disposal price looks to be in the order of minus $3bn. Hopefully book value has already been adjusted otherwise maybe Volvo will have to go as well! |
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