Ford profit falls 57 percent to $1 billion in 2Q
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Posted: 07/25/2012
DEARBORN, Mich. (AP) - Ford Motor Co. says its net income fell by 57 percent to $1 billion in the second quarter as losses in Europe and Asia mounted.
The company lowered its full-year profit forecast. Ford still expects a strong operating profit, but it will be lower than 2011. Previously the company had expected to make about the same amount.
Ford earned 26 cents per share on revenue of $33.3 billion. Without one-time items, including the sale of two parts factories, it earned 30 cents per share. That was ahead of Wall Street's forecast of 28 cents per share on revenue of $32.9 billion.
Ford posted a $2 billion profit in North America in the second quarter. But it lost $404 million in Europe, where sales have slowed because of the economic crisis.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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