Ford overcomes tough quarter
Wednesday 27 July 2011
Ford, the only American car maker that did not resort to a Government bailout in 2009, posted $2.4bn (£1.46bn) in net income for the second quarter yesterday, down from $2.6bn in the same period last year.
Though lower, analysts welcomed the result for what was a challenging quarter. Car manufactures of every shade had to deal with the global supply chain disruptions caused by the Japanese earthquake, while Ford, which has now booked a net profit for eight straight quarters, also faced a sluggish US economy and rising input costs as world commodity prices rallied. "This wasn't the easiest of quarters," finance chief Lewis Booth said.
Chrysler, on the other hand, reported a net loss of $370m for the second quarter, wider than the $172m seen a year ago, as it repaid $7.6bn in bailout loans.
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