On Tuesday, July 27, 2015, Ford Motor Company reported their earnings of $1.9 billion, which is now the new quarterly profit record in North America. According to the Detroit News, Ford's pre-tax profit was $2.9 billion, up $269 million from last year. Ford posted a revenue of $37.3 billion, beating analysts estimates of around $35.3 billion. Ford also beat analysts expectations for earnings per share, with 47 cents per share, 10 cents higher than analysts estimates.
Ford's earnings were 44 percent from last year, making it the company's best quarterly profit since 2000, and the third best since the Great Depression. These record numbers were achieved even though the company had limited supplies for some of their best selling motor vehicles, including the Ford Explorer and the F-150 truck.
“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,” President and CEO Mark Fields said in a statement.
Ford set a second-quarter record in Asia Pacific, making $192 million, $33 million more than last year. Despite gains in the Asia Pacific area, Ford lost $185 million in South America due to currency issues, and lost $14 million in Europe, while making $46 million in the Middle East and Africa. They lost money in Europe due to an unfavorable currency exchange rate, and have said that they're continuing a plan and have hopes of making profit soon. As well as Ford, General Motors exceeded expectations with a quarterly earnings of $1.1 billion, and Fiat Chrysler are set to announce their earnings on Thursday, July 30th.
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