© 2022 MICHIGAN RADIO
91.7 Ann Arbor/Detroit 104.1 Grand Rapids 91.3 Port Huron 89.7 Lansing 91.1 Flint
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Profits at Ford drop but beat Wall Street expectations

Toolshed4.jpg
Toolshed4
/
Flickr

Ford Motor Company announced its second-quarter earnings this morning. And, although profits dropped slightly, the automaker did beat analysts' expectations. The Associated Press reports:

The company earned $2.4 billion, or 59 cents per share, down 8 percent from $2.6 billion, or 61 cents per share, in the second quarter of 2010. It was Ford's ninth straight quarterly profit. Worldwide sales rose, but the company spent more on materials and product development. Revenue rose 13 percent to $35.5 billion. Analysts polled by FactSet had forecast revenue of $32.15 billion. Without one-time items, including $110 million for employee reductions, Ford would have earned $2.9 billion, or 65 cents per share. That beat analysts' forecast of 60 cents per share. Ford paid off $2.6 billion in debt during the quarter.

Zoe Clark is Michigan Radio’s Political Director. In this role, Clark guides coverage of the state Capitol, elections, and policy debates.
Related Content