By Bradford Wernle, Automotive News
Detroit, Michigan - Ford's Motor Co.s net income for Q2 2012 declined 57 percent to $1.04 billion, from $2.40 billion for Q2 2011, as revenues dropped $2.2 billion to $33.3 billion. North America continued to be Ford's profit driver. North American pre-tax profits for Q2 were $2 billion, up from $1.9 billion a year earlier.
Ford of Europe operations swung to a Q2 loss of $404 million from a year-earlier profit of $176 million. Ford said it now expects its full-year loss in Europe to exceed $1 billion.
"The magnitude of this loss will be affected by a number of factors, including the overall economic environment, competitive actions and Ford's response to these developments," the company said in a statement.
Ford also lost money in the Asia Pacific-Africa region, where it is investing heavily in anticipation of future growth. Ford lost $66 million in the region, compared with a $1 million pretax profit a year ago. In South America, Ford reported a $5 million profit, down from $267 million a year ago.
You can reach Bradford Wernle at [email protected] Automotive News is a sister publication to Urethanes Technology International.