Ford Motor (NYSE:F) announced Wednesday that its second-quarter profit fell 57%, from $2.4 billion to $1 billion, or 59 cents per share to 26 cents. On an adjusted basis, Ford earned 30 cents per share this quarter, narrowly beating analysts’ predictions of 28 cents. Revenue fell 6% to $33.3 billion.
Even with a $2 billion North American profit — 5.3% better than the company did last year — Ford was unable to counter losses elsewhere around the globe. The company lost $404 million in Europe and $66 million in Asia, while only earning $5 million in South America — a 98% decline from 2011.
Furthermore, the company anticipates losses of more than $1 billion in Europe this year, more than twice of what it had previously projected.
Ford announced that, in light of the second-quarter results, they no longer expect to meet 2011’s operating profit of $8.7 billion. Ford stock was down fractionally early Wednesday.
— Ryan Hauck, InvestorPlace