Ford profit rises on strong finance arm results

Ford Motor Co. on Tuesday said its second-quarter profit more than doubled, topping estimates, as strength in its finance arm offset weak auto sales.

The No. 2 U.S. automaker reported net income rose to $1.2 billion, or 57 cents a share, from $417 million, or 22 cents a share, a year earlier.

Ford's market share in the United States fell by 1.2 percentage points in the second quarter and its U.S. sales declined by 5 percent.

Dearborn, Michigan-based Ford's total revenue rose to $42.8 billion from $40.7 billion.

Excluding special items, which included charges from restructuring in Ford's European operations and Ballard Power Systems, Ford earned 61 cents per share.

Wall Street analysts on average were expecting second-quarter earnings of 49 cents a share, according to Reuters Estimates.

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Ford, which has been backing away from low-margin fleet and daily-rental sales, said its automotive unit had a pretax loss of $57 million, compared with a pretax profit of $3 million a year ago.

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Its financing arm, Ford Credit, reported net income of $897 million, up from $401 million a year ago.

Ford also raised it full-year forecast by 15 cents to $1.80 to $1.90 a share. The automaker also said it expected to earn in the range of breakeven to 5 cents per share in the third quarter.