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Wed July 24, 2013
Ford Motor Company makes $1.2 billion in second quarter
Have you looked at a Ford financial report lately?
Ford Motor Company posted its 16th consecutive quarter of profitability on Wednesday. The company made $1.2 billion dollars, driven by strong results in North America, combined with improved results in every other region of the world.
Ford is still losing money in Europe, as expected, due to the region's protracted recession. But even in Europe, there is some good news.
"We did better than the first quarter, and that's with a lower industry than a year ago, and the costs we're incurring as we go through the transformation plan," Ford's Chief Financial Officer Bob Shanks said.
Ford lost $348 million before taxes in Europe, versus $404 million a year ago. Ford is applying the same strategy in Europe that it used successfully to restructure in the U.S. The company is investing significantly in new product development and cutting costs, primarily by closing factories it no longer needs.
Shanks figures the result is especially impressive, given the sluggish environments in which Ford is doing business around the world.
"You've got pretty modest growth globally, and certainly here in the U.S. And our North American operations continue to do so well."
Ford's financial growth means the company needs more people on its staff. The Detroit automaker is halfway towards its goal of hiring 3,000 white collar employees. Most of them will work at the company's headquarters in Dearborn.
Ford Motor Company