Ford Motor Company shocked Wall Street analysts just minutes ago by announcing a $750 million net profit for the 2nd quarter of 2008. Yesterday, analysts were predicting that Ford would post fairly substantial losses for the 2nd quarter, so it really comes as a surprise that the blue oval made a healthy profit.
Ford’s profit was 16 cents a share, way higher than Reuters Estimates’ 37 cent per share loss. Ford’s automotive division made $378 million in profits, while its financial division made $62 million.
Wall Street analysts had nearly universally predicted another quarter of losses for Ford – especially given the continual downturn in car sales. But sales of the Edge crossover have increased of late and Ford’s cutting of jobs and closing of plants has dramatically dropped operating costs.
During the same quarter last year, Ford lost $317 million. Revenues for the quarter were $44.2 billion, up for $41.9 billion in ’06.
