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Ford books $2.6B pretax quarterly profit

While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase over last year. Pretax profits for the company reached $2.6 billion, up $44 million from 2013, but total revenue dropped slightly to $37.4 billion, down from $37.9 billion. Profits per share before one-time charges totaled 40 cents per share, beating Wall Street analysts' expectations of 36 cents a share.
Regionally, the Blue Oval performed strongly, as well. North America posted a record quarterly pre-tax profit of $2.4 billion, a $119 million increase. Europe also showed signs of turn around with its first profit in three years of $14 million after a loss of $306 million in Q2 2013. Ford is actually predicting profitability in the troubled region in 2015. Asia Pacific operations also performed well with $159 million in profits, up $29 million from last year. The only region where the business posted a loss was South America.
According to Automotive News, Ford also announced more precise plans about the changeover to build the aluminum-intensive 2015 F-150. In August, the Dearborn plant will shutdown for eight weeks to retool and its Kansas City plant will do the same next year.

Mulally will stay close to Ford after he steps down, plans to advise Fields [w/video]

Ford CEO Alan Mulally has less than a week left in his role of leading the Blue Oval before he hands off duties to Mark Fields on July 1. It doesn't look like Mulally is going to be shuffling off into his retirement anytime soon, though. The 68-year-old is being rather secretive about his next move, but he tells Bloomberg in a recent interview that he plans to stay close to Ford. Also, if Fields wants to ask for any advice, Mulally is happy to help.
Mulally took over at Ford in 2006 and led the company through a seriously rough patch in the auto industry. According to Bloomberg, he became famous or his Thursday meetings where executives were forced to deal with any problems before they could leave. Since announcing his retirement from Ford in May, Mulally has been insuring a smooth transition of power by traveling the world to all of company's major locations and saying goodbye to employees and dealers.
In terms of the future at Ford, Mulally doesn't predict any big changes in management style because the rest of the executive team is staying in place. He believes that Fields is going to maintain the processes already in place to keep things going. After all, it seems to be working. The company is predicting a return to profitability in Europe next year and is opening 88 new dealers in China. If the business could get its recalls under control, things could get even better.

Ford files trademark for 'EcoBeast' moniker

Ford has done some performance stuff with its EcoBoost line of vehicles, most notably with its Focus and Fiesta ST, the new, turbocharged Mustang and the luke-warm Taurus SHO and F-150 Tremor, but it's kind of avoided going wholly bonkers. That could be set to change quite soon, judging by a trademark filing with Uncle Sam. Ford has registered the name EcoBeast with the United States Patent and Trademark Office, listing it as "automobiles and automobile engines," according to the team at Motorlix, which discovered the filing. As always, it bears mentioning that companies are constantly filing trademarks, even if a good or service never emerges with said name. We agree with Motorlix, though – it seems highly unlikely Ford is going to just let this name languish. What vehicle or engine will wear this new badge is the real question. We're leaning towards something F-150 related, based on our last round of spy photos of the new SVT Raptor, although it's impossible to say for certain what the Blue Oval has planned. Here's hoping we find out in just a few weeks when Ford brings basically all of its performance merchandise to the 2015 Detroit Auto Show. Until then, let us know what you think Ford is planning with the EcoBeast.