Who said the economy was not improving? If there ever was a poster child for the non competitive, slow moving, dinosaur aged companies of the old economy, the auto industry is it. Well hold on to your hats America, Ford Motor(F) just posted a second quarter profit of $2.6 billion, the best year-over-year improvement in six years. Ford sold 659,000 vehicles to dealers in the second quarter, which adds over 200,000 to last year’s results. Revenue came in at $31.1 million, up from $26.8 million a year ago and net income was up 15% year over year.
CEO Alan Mulally is quoted as saying:
“We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions, our progress is being led by the strength of our new products and our leaner global structure.”
Ford has earned $4.7 billion so far this year, compared to only $834 million for the first half of 2009 – that’s what you call a “Rebound”.
To add to the positive news, Ford says it expects to have more cash than debt by the end of 2011.
Tight consolidation areas can be very bullish when price breaks higher through resistance. It seems the market was predicting the good news when F broke out a day ago before the fantastic earnings were released.
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