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Ford surges with record 2Q profit

We already knew that the second quarter of 2015 has been good to General Motors. For Ford, though, it's been even better. The Blue Oval saw a net income of $1.9 billion, $800 million more than its larger cross-town rival. Pre-tax profits were even more impressive, at $2.9B. Those figures aren't only more impressive than what GM could conjure up, they improved handily over the same period in 2014. Net profits were up by $574 million, or a staggering 44 percent, while pre-tax profits saw a 10-percent bump over 2014. Ford Credit also had a strong quarter, raking in just over half a billion dollars before taxes. So yeah, Ford calling Q2 "outstanding" in its press release is no exaggeration. The vast majority of Ford's positive Q2 can be attributed to the North American market, which made up $2.6 billion of the company's pre-tax profits. South America, the Middle East, and Europe were all down, although Asia delivered some relief, making $192 million before taxes. Scroll down for the official press brief from Ford. JUL 28, 2015 | DEARBORN, MICH. FORD REPORTS STRONG SECOND QUARTER RESULTS; PRE-TAX PROFIT $2.9 BILLION; NET INCOME $1.9 BILLION DEARBORN, Mich., July 28, 2015 – Ford Motor Company [NYSE: Ford] today reported its 2015 second quarter financial results. View the press release here and visit shareholder.ford.com to view the slide presentation and access the webcast to Ford's second quarter earnings call, which begins at 9 a.m. EDT with Mark Fields, president and chief executive officer, and Bob Shanks, executive vice president and chief financial officer. Highlights Include: Outstanding second quarter; company on track for a breakthrough year Pre-tax profit of $2.9B, up $269M or 10 percent from a year ago excluding last year's special item charges Net income of $1.9B, up $574M or 44 percent from a year ago After-tax earnings per share of 47 cents, up 7 cents from a year ago excluding last year's special item charges Best Automotive quarterly profit since 2000 Wholesale volume up 2 percent, driven by North America and Europe Automotive revenue about equal, with higher net pricing and volume offset by unfavorable translation effects of the strong U.S.

Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

Ford Recalls Nearly 700,000 Vehicles

Ford is recalling more than 692,000 Escape small SUVs and C-Max gas-electric hybrids in North America to fix two safety problems. The recalls cover vehicles from the 2013 and 2014 model years. Most of the Escapes have both problems. The first case covers 692,500 Escape and C-Max vehicles. A software glitch can stop the side curtain air bags from inflating in certain types of rollover crashes. The company says it has no reports of crashes or injuries. Dealers will reprogram the air bag control computer for free. About 65,000 of the recalled vehicles are C-Max models, and the rest are Escapes. Roughly 591,000 are in the U.S., with 3,500 more in U.S. territories. About 78,000 are in Canada and another 19,500 are in Mexico, Fordspokeswoman Kelli Felker said in an e-mail. There could be more vehicles affected in other markets, the company said. The affected Escapes were built from Oct. 5, 2011 through Feb. 14, 2014. The C-Max vehicles were built from Jan. 19, 2012, through Feb. 24, 2014. The second case covers about 692,700 Escapes. Exterior door handles can bind and stop the door from latching properly. This could allow doors to open while the SUVs are in motion. Dealers will inspect the handles and reposition them if needed. No crashes or injuries have been reported. About 583,000 are in the U.S. or its territories, with another 89,500 in Canada and 20,000 in Mexico. Ford said in this case, the problem may affect vehicles in other markets. All the North American Escapes were built from Oct. 5, 2011, through April 10, 2014. Recalls Ford escape