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A closer look at Ford's 2nd quarter earnings

Posted Jul 26th 2007 11:41AM by Tom Barlow (RSS feed)
Filed under: Earnings Reports, SEC Filings, Forecasts, Ford Motor (F)

Here is some background for Brian White's liveblogging of Ford's (NYSE: F) second quarter earning results:

Ford surprised the market by announcing black ink for the second quarter of 2007, with net income of $750 million, or $0.31 EPS on $44 billion revenue, which was a 6% increase over 2006 2nd quarter.

Unfortunately the increase in revenue was primarily due to currency exchange, mix and net pricing improvements -- sales volume actually was lower than 2006. The profit was due in part to cost reductions of $600 million, including the elimination of 6,400 jobs.

Backing out special items, mostly the sale of Aston Martin and deferred gains on certain hedges at Jaguar and Land Rover, and profits finished at $258 million, or $0.13 EPS. The paltry earnings won't do much to excite a market convinced that the company has taken only the first few initial steps in their climb back to economic viability.