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Ford shares jump 3.4% on 2Q profit

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Ford shares jump 3.4% on 2Q profit

By BRENT SNAVELY

FREE PRESS BUSINESS WRITER

Ford’s stock price increased 42 cents, or 3.4%, to $12.51 per share in mid-day trading today after the company said it earned a second quarter profit of $2.6 billion.

Shares closed at $12.09 Thursday.

Ford President and CEO Alan Mulally said the results provide further proof that the company’s five-year-old turnaround plan is working.

“Overall, we are ahead of where we thought we’d be,” Mulally said today during a conference call with analysts and journalists. “Our performance gives us great confidence going forward.”

Despite the share gain, Ford shares are not yet close to the levels they reached earlier this year.

Ford shares closed at a 2010 peak on April 26 at $14.46. That was the day before the company reported a $2.1 billion first-quarter profit.

From April 26 through Thursday Ford’s stock price dropped 16% because Ford warned investors its first quarter profit might be the largest for the year and because investors grew concerned over lackluster industry sales and a weak economy.

Today, Mulally said Ford remains on track to report a solid profit for the year, “and we expect even better results in 2011.”

link:

http://www.freep.com/article/20100723/BUSINESS0102/100723015/1210/BUSINESS01/Ford-shares-jump-3.4-on-2Q-profit

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