Ford Earns $2.3 Billion in Q2
Ford posted a surprise profit this morning, raking in $2.3 billion, or 69 cents a share.
The automaker's gains were aided an aggressive restructuring in the second quarter. Ford reduced its debt obligations by $10.1 billion, which will save the company more than $500 million a year in interest expense. It raised $1.6 billion through issuing common stock. The company cut structural costs by $1.8 billion and shrunk its U.S. hourly employees by 1,000 workers.
Unlike General Motors and Chrysler, Ford has not asked the government for financial aid and has avoided bankruptcy. And the carmaker has been able to steal market share away from its cross-town rivals.
Lewis Booth, Ford's chief financial officer, said the company was still on track to return to annual profitability in 2011.
"We're 18 months away, I guess,” he told reporters.
This morning Ford shares have jumped 9.72 percent to $7.
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