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Ford reports best quarterly profit in North America

From the Detroit Free Press

Ford earned $1.9 billion in the second-quarter, up 44% from a year earlier, largely on the strength of sales of larger, higher priced and more profitable vehicles in the U.S.

On an earnings per share basis, Ford made 47 cents, exceeding the 37 cents per share consensus among Wall Street analysts. After rising 45 cents to $15 in early trading this morning, Ford shares were trading at $14.87 shortly before 1:30 pm.

“We delivered an outstanding second quarter, a great first half of 2015, and we are confident the second half of the year will be even stronger,” Ford CEO Mark Fields said in a statement. Before taxes, Ford made $2.6 billion in North America, more than doubling what it made in the region in the first quarter of 2015, and a 6.4% improvement from a year earlier.

And the second half should be even more profitable, said Chief Financial Officer Bob Shanks. That’s because the highly profitable F-150 pickup truck didn’t contribute to the improvement in second-quarter profits.

That should change as dealers receive ample quantities of the aluminum-body trucks and consumers who are more interested in the more basic versions of the truck can find them.

Shanks said the average selling price for an F-Series truck, including the larger F-250 and F-350, was $44,100 in the second quarter, up $3,600 from the second-quarter of 2014, despite reports that some dealers are offering significant discounts on the F-150.

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