Ford and GM post quarterly profit

Discussion in 'OT Driven' started by August Burns, Jul 27, 2007.

  1. August Burns

    August Burns New Member

    Joined:
    Oct 19, 2004
    Messages:
    4,435
    Likes Received:
    0
    Location:
    Cook County
    FORD REPORTS A NET PROFIT OF $750 MILLION

    DEARBORN, Mich., July 26, 2007 - Ford Motor Company [NYSE: F] today reported a net profit of 31 cents per share, or $750 million, for the second quarter of 2007. This compares with a net loss of 17 cents per share, or $317 million, in the second quarter of 2006.

    Ford's second-quarter revenue was $44.2 billion, up from $41.9 billion a year ago. The increase primarily reflected currency exchange, mix and net pricing improvements, partially offset by lower volume.

    Ford's second-quarter profit from continuing operations, excluding special items, was 13 cents per share, or $258 million, compared with a loss of 6 cents per share, or $118 million, in the same period a year ago.**

    Special items - which primarily reflected the sale of Aston Martin and the recognition of previously deferred gains on certain hedges at Jaguar and Land Rover - increased pre-tax results by $443 million in the second quarter.

    With regard to Jaguar and Land Rover, the company confirmed it is currently exploring in greater detail the potential sale of the combined business and is in discussions with selected parties who have expressed interest. The company also is conducting a strategic review of Volvo that likely will conclude prior to year-end.

    "We continue to focus on the four priorities of our plan - restructuring the business to operate profitably, accelerating the development of new products that our customers want and value, funding our plan and improving our balance sheet, and working even more effectively together as one global Ford team, leveraging our assets," said Ford President and Chief Executive Officer Alan Mulally. "Our team is very encouraged by the significant progress we are making. We recognize the challenges that lie ahead and remain fully committed to delivering our plan."

    Second-quarter and first-half highlights:
    • Strong performance in the J.D. Power and Associates Initial Quality Survey, with five segment winners - Ford Mustang, Mercury Milan, Lincoln MKZ and Mark LT, and Mazda MX-5 Miata - more than any other manufacturer.
    • Ford Edge recognized as "Highest-Ranked Midsize MAV" in the J.D. Power and Associates Automotive Performance, Execution and Layout (APEAL) Study.
    • Fifth consecutive year of improved manufacturing productivity as measured by the Harbour Report North America 2007.
    • Ford Edge the best-selling mid-size crossover in second quarter.
    • Ford Taurus, Mercury Sable and Ford Taurus X earned five-star crash-test ratings from the National Highway Traffic Safety Administration (NHTSA).
    • Ford earned the most Top Safety Picks from the Insurance Institute for Highway Safety (IIHS) in the company's history, with Ford Edge, Ford Taurus, Ford Taurus X, Lincoln MKX and Mercury Sable taking top honors.
    • Strong Ford Europe sales - up about 5 percent in first half of 2007.
    • Record Land Rover sales - up 8 percent in first half of 2007.
    • Ford China sales up 22 percent in first half of 2007.
    • Achieved $1.1 billion in cost savings in first half 2007, including $600 million in the second quarter.
    • Reduced North America personnel by 6,400 in the second quarter.
    • Completed sale of Automobile Protection Corporation (APCO) and Aston Martin.
    http://www.autoblog.com/2007/07/26/eight-was-enough-ford-posts-second-quarter-profit-of-750-milli/

    and everyone said they were going to lose this quarter.
     
  2. Good for them. Now here's hoping for GM profits too!
     
  3. cm_ls1

    cm_ls1 New Member

    Joined:
    Aug 27, 2006
    Messages:
    300
    Likes Received:
    0
    wasnt the profit from selling aston martin ...?

    selling your assets to show a profit is not the best way to do it.
     
  4. August Burns

    August Burns New Member

    Joined:
    Oct 19, 2004
    Messages:
    4,435
    Likes Received:
    0
    Location:
    Cook County
    im sure that helped but wasnt all of it.
     
  5. High Voltage

    High Voltage Guest

    the company is downsizing this is a good thing. cant wait till Jag and LR get shown the door. they have been dead ducks since ford got them. good riddens.
     
  6. P07r0457

    P07r0457 New Member

    Joined:
    Sep 20, 2004
    Messages:
    28,491
    Likes Received:
    0
    Location:
    Southern Oregon
    you minus whale say good riddance.
     
  7. Ronin

    Ronin Guest

    good for ford, maybe there is some hope for the company
     
  8. TriShield

    TriShield Super Moderator® Super Moderator

    Joined:
    Jul 6, 2001
    Messages:
    132,775
    Likes Received:
    1,659
    Location:
    PRESIDENTIAL TOWER, GREAT AGAIN, NY
    They will still go under just like GM and Chrysler. All three companies are borrowing and burning through a staggering amount of money and their sales simply can't support it. It cannot last forever.
     
  9. P07r0457

    P07r0457 New Member

    Joined:
    Sep 20, 2004
    Messages:
    28,491
    Likes Received:
    0
    Location:
    Southern Oregon
    Of the 3, GM has the best chance.
     
  10. Light Speed

    Light Speed Guest

    best chance for what? ford is profitting and number 12 on fortune 500

    so what do you mean by best chance? because thats higher than honda and nissan on the fortune 500
     
  11. Ronin

    Ronin Guest

    in the event all 3 automakers go down i would be afraid to see the effects of such an event
     
  12. P07r0457

    P07r0457 New Member

    Joined:
    Sep 20, 2004
    Messages:
    28,491
    Likes Received:
    0
    Location:
    Southern Oregon
    best chance of making it out. And that includes making it out with their brands. Last I checked, GM had really only killed Oldsmobile -- which simply needed to happen, there was no more market for it. Ford and Daimler were on a last-ditch effort to dump everything that wasn't absolutely necessary in an attempt to "fake" a profit. GM has a solid business plan with a viable product to get them there. Ford and Daimler are blowing artificial smoke with no ladder to get out of the hole -- they're digging deeper in an attempt to prolong the unevitable.
     
  13. August Burns

    August Burns New Member

    Joined:
    Oct 19, 2004
    Messages:
    4,435
    Likes Received:
    0
    Location:
    Cook County
    although this is good news, they and many other car companies will post in the negative this year.
     
  14. Jake!

    Jake! Guest

    GM posts $891 million profit in the second quarter

    first Ford, now GM reports another profitable quarter. the future is brighter for the big three

     
  15. GregFarz78

    GregFarz78 New Member

    Joined:
    Oct 28, 2002
    Messages:
    64,128
    Likes Received:
    0
    Location:
    Philly, PA
    is chrysler posting a profit yet?
     
  16. ZrOuT

    ZrOuT New Member

    Joined:
    Aug 30, 2005
    Messages:
    5,511
    Likes Received:
    0
    now if unions would only get a fucking clue, sacrifice a little so they don't bring the company that feeds their lazy asses down with them
     
  17. therealciviczc

    therealciviczc New Member

    Joined:
    Sep 3, 2004
    Messages:
    25,740
    Likes Received:
    0
    Location:
    Ohio
    Management too.

    Internal greed will be the death of them though, doesn't matter if its the workers or the managers, everyone thinks they deserve more than they do.
     
  18. Tony Stark

    Tony Stark John McCain has an illegitimate mexican baby

    Joined:
    Jun 27, 2003
    Messages:
    40,060
    Likes Received:
    0
    1. The quarterly results exclude Allison Transmission, which GM intends to sell in the third quarter and has classified as a discontinued operation.

    2. GM continued to lose money in its home market, North America, where it reported a net loss from continuing operations of $39 million.

    3. The company’s Asia Pacific unit posted a net profit of $227 million, compared with $376 million in the year-ago quarter, which included $212 million from the sale of GM’s interest in Japanese automaker Isuzu.
     
  19. Omnipotent

    Omnipotent New Member

    Joined:
    Jan 2, 2006
    Messages:
    13,498
    Likes Received:
    0
    Location:
    Mouth of the Rat
    no but Mercedes-Benz is :hsugh:
     
  20. TriShield

    TriShield Super Moderator® Super Moderator

    Joined:
    Jul 6, 2001
    Messages:
    132,775
    Likes Received:
    1,659
    Location:
    PRESIDENTIAL TOWER, GREAT AGAIN, NY
    First Ford, Now GM Sees Profit

    GM posts $891-million profit

    [​IMG]

    BY KATIE MERX
    July 31, 2007

    General Motors Corp., the largest U.S. automaker, reported an $891-million profit for the second quarter of the year, driven by strong sales in emerging global markets and reduced costs from its restructuring efforts.

    "We again saw improved results in sales, income and cash flow this quarter, driven by the continued successful implementation of our business strategies," said Rick Wagoner, GM chairman and chief executive officer.

    "In particular, our heavy commitment to key growth markets around the world really paid off in strong growth and earnings. In North America we continue to make progress with our focus on great new products, a disciplined sales and marketing strategy, and structural cost reduction, although profitability remains close to breakeven."

    GM’s quarterly profit of $891 million, or $1.56 per diluted share, is an improvement of $4.3 billion compared with a reported net loss of $3.4 billion, or $5.98 per diluted share, in the year-ago quarter.

    The positive results boosted GM’s stock 7% in pre-market trading this morning, with shares of the automaker trading up $2.29 a share to $34.90 about 7:50 a.m.

    The earnings results for the second quarter 2007 included $520 million, or 92 cents per diluted share, in special charges associated with GM's support of the bankruptcy and reorganization of its former parts arm Delphi Corp. and various North America restructuring charges.

    Excluding those charges, GM said it earned $1.4 billion, or $2.48 per diluted share, compared with $1.1 billion, or $2.03 per diluted share, in the year-ago quarter.

    GM’s North American operations reported a net loss of $39 million, compared with a net loss of $3.95 billion in the same quarter last year. When it excludes Allison Transmission, which it is in the process of selling, the North American operations reported a slight profit of $78 million for the quarter, compared with an adjusted loss of $94 million from continuing operations in the year-ago quarter.

    Overall, Credit Suisse analyst Chris Cerasco said in a note Tuesday morning that GM’s earnings — at $2.48 per share — had “a big upside,” coming in significantly higher than the consensus analyst estimate of $1.13 per share. But, he said, North America again fell “short of expectations,” with 80 cents of its earnings improvement coming from tax-related gains.

    GM said that its North American results reflect reduced fixed costs and that a high percentage of its vehicle sales last quarter were of profitable large trucks and well-equipped vehicles. Those positives, however, were offset by lower volumes of sales and unfavorable foreign exchange rates, the company said.

    “It’s true that our North America team has made huge improvements, and we appreciate everyone’s hard work,” Wagoner said. “But our current earnings clearly demonstrate we’ve got more to do.”

    [​IMG]
     
  21. Icespy

    Icespy New Member

    Joined:
    Jun 27, 2005
    Messages:
    13,642
    Likes Received:
    0
    Location:
    Fuck it...TN somewhere.

    actually the support staff of GM's getting fucked over namely the accountants etc. Some sections are expecting you to work 90 hour weeks. :mamoru:
     
  22. 2xPutt

    2xPutt New Member

    Joined:
    Jul 30, 2005
    Messages:
    14,564
    Likes Received:
    0
    Location:
    Ohio
    excellent news :bigthumb:
     
  23. Burmonster

    Burmonster OT Supporter

    Joined:
    Jan 8, 2005
    Messages:
    45,078
    Likes Received:
    48
    Location:
    Atlanta, GA
    But...but...but if you ignore this everything is good:noes:
     
  24. borborygmus

    borborygmus Guest

    you are trishield :bowdown:
     
  25. DittoAlex

    DittoAlex New Member

    Joined:
    Nov 16, 2003
    Messages:
    53,718
    Likes Received:
    0
    Location:
    Columbus, OH

Share This Page