Thursday, July 23, 2009

Non-Government Motors Earns $2.3 Billion 2Q Profit

Ford Motor Co. posted a second-quarter profit of $2.8 billion Thursday, due to income related to a reduction of debt.

The nation's second-largest automaker said it earned 69 cents a share, compared with a loss of $8.7 billion, or $3.89 a share, for the same quarter a year ago. That quarter was the worst in Ford's history.

In contrast, government-controlled General Motors' sales dropped sharply last quarter as it headed into U.S. bankruptcy protection and the automaker ended up with global sales down 15 percent for the quarter.

General Motors Co., which has received $50 billion in U.S. government aid and emerged from Chapter 11 on July 10, said Wednesday that it sold 1.94 million vehicles worldwide in the April-to-June period, despite a 32 percent decline in North America.

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