Ford Surprises In 2Q With Record North American Profit

DEARBORN (AP) - Ford Motor Co.'s net income jumped 44 percent to $1.9 billion in the second quarter as the company was able to charge more for new SUVs with premium features.

The profit of 47 cents per share compared with a profit of 40 cents per share a year ago. That beat Wall Street's expectations of a 37-cent profit for the April-June period, according to analysts polled by FactSet.

Ford's global sales rose 2 percent during the quarter to nearly 1.7 million. Sales were up in North America and Europe but fell in South America, the Middle East and Asia.

Revenue fell slightly to $37.3 billion, hurt by the strong U.S. dollar. That beat analysts' expectations of $35.5 billion.

Ford earned a record profit of $2.6 billion in North America, where new versions of its Ford Explorer, Ford Edge and Lincoln MKX SUVs drew buyers even as smaller, less-profitable cars struggled.

The company expects strong North American results to continue as its new F-150 pickup becomes more widely available in the second half of the year. Ford said it expects North American margins to end the year in the upper end of the 8.5 percent to 9.5 percent range.