<p>Filed under: <a href="http://www.autoblog.com/category/ford/" rel="tag">Ford</a>, <a href="http://www.autoblog.com/category/earnings-financials/" rel="tag">Earnings/Financials</a></p><a href="http://www.autoblog.com/2009/07/23/ford-posts-2-3b-profit-for-q2-424m-operating-loss/"><img vspace="4" hspace="4" border="1" src="http://www.blogcdn.com/www.autoblog.com/media/2009/07/ford-dearborn-hq-getty-580-corner.jpg" alt="" /></a><br /><br />Ford Motor Company is continuing to reverse its fortunes despite the globe's bleak auto markets, as the Dearborn, MI based-automaker surprised analysts with a $2.3 billion profit in the second quarter. Ford isn't dancing in the streets just yet, though, as it is still reporting $424 million in overall operating losses for the quarter. The $2.3 billion profit comes courtesy debt reduction activities taken on during the quarter, as Ford reduced its debt load by $10 billion as part of a debt-for-equity exchange, and a further $1.5 billion was raised in a stock sale. Ford says the $10 billion equity swap alone saved the company $500 million in interest expenses.<br /><br />While the Blue Oval has a long way to go to get to where it wants to be, comparing numbers from the same quarter last year shows how far the automaker has come. Ford posted an $8.7 billion loss in Q2 2008, while posting a $1.4 billion operations loss. <br /><br />Analysts were expecting an improvement for 2009, but the target was a 53 cent per share loss, and Ford shattered that with a loss of only 21 cents per share. Importantly, Ford has dramatically improved its cash situation too, as the company burned through only $300 million in cash. That's a huge improvement when compared to the $3.7 billion greenbacks Ford scorched in Q1. Mullaly and Co. now has $21 billion in cash on hand, down from $21.3 billion after Q1. <br /><br />Ford also had good news on the production front, as its market share increased in a historically bad market. Ford increased share the right way, too, as it managed to do so despite decreasing incentive spend by $250 per vehicle compared to Q1. Ford CEO Alan Mulally sounds pretty optimistic about the company's prospects, with Q2 numbers bolstering its position. <span style="font-style: italic;">Check out the complete press release after the jump.</span><br /><br />[Source: Ford Motor Company]<p><a href="http://www.autoblog.com/2009/07/23/ford-posts-2-3b-profit-for-q2-424m-operating-loss/" rel="bookmark">Continue reading <em>Ford posts $2.3B profit for Q2, $424M operating loss</em></a></p><p style="padding:5px;background:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2009/07/23/ford-posts-2-3b-profit-for-q2-424m-operating-loss/">Ford posts $2.3B profit for Q2, $424M operating loss</a> originally appeared on <a href="http://www.autoblog.com">Autoblog</a> on Thu, 23 Jul 2009 09:58:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href="http://www.autoblog.com/2009/07/23/ford-posts-2-3b-profit-for-q2-424m-operating-loss/" rel="bookmark" title="Permanent link to this entry">Permalink</a> | <a href="http://www.autoblog.com/forward/19107336/" title="Send this entry to a friend via email">Email this</a> | <a href="http://www.autoblog.com/2009/07/23/ford-posts-2-3b-profit-for-q2-424m-operating-loss/#comments" title="View reader comments on this entry">Comments</a>
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