Ford and Chrysler post decreasing profits in 2Q2011

By Bizclik Editor

 

U.S. automakers Ford and Chrysler released their second quarter sales Tuesday morning and both makers saw decreasing profit, but rising sales during the time period.

Ford Motor Co. saw its profits dip about 8 percent during 2Q2011 as commodity prices rose even after the company was able to pay off debt and invest in new vehicles. Ford earned $2.4 billion, or 59 cents a share compared to $2.6 billion, or 61 cents per share during 2Q2010. The company’s revenue jumped 13 percent to $35.5 billion.

"Despite an uncertain business environment, we further strengthened our balance sheet and continued to invest for the future," Ford Chief Executive Alan Mulally said in a statement.

See top stories in the WDM Content Network:

Chrysler Group LLC also posted a net loss of $370 million due to the repayment of government loans from the auto bailout, which cost the company a total of $551 million. The company would have seen a net profit of $181 million if the company didn’t make the payment. Revenues increased by 30 percent to $13.7 billion in 2Q2011, compared to the same period last year.

"There is no doubt that Chrysler Group has taken a huge step forward this quarter," Sergio Marchionne, chief executive of Chrysler and Fiat, said in a statement.
 

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability