Congratulations to the entire Ford team! The strong quarterly financial results we are announcing today – with improved results in every region – are more evidence that our One Ford plan continues to deliver and build momentum.
Thanks to our efforts to serve our customers around the world and deliver profitable growth, we are announcing solid volume, revenue and market share increases in all regions. Importantly, we also are improving our expectations and guidance for full year profit, Automotive operating margin and operating cash flow.
Our second quarter earnings are driven by our highest second quarter and first half North American profits since at least 2000, our best-ever quarterly profits in Asia Pacific Africa, continued solid performance from Ford Credit and a return to profitability in South America.
Our results also reflect more proof that our transformation plan in Europe is on track to return to profitability by mid-decade, as Europe improved its losses compared with a year ago and the first quarter.
We will continue our laser focus on serving customers with vehicles delivering the best quality, fuel efficiency, safety, smart design and value through our One Ford plan, which remains unchanged:
• Aggressively restructure to operate profitably at the current demand and changing model mix
• Accelerate the development of new products that customers want and value
• Finance the plan and improve the balance sheet
• Work together effectively as one team, leveraging Ford’s global assets
It is important for all of us to read the news release
and understand the progress we are making against our plan and our outlook for the future.
We will meet with financial analysts and representatives of the news media throughout the day to discuss this information and answer questions.
We also will discuss our results, accomplishments, challenges and opportunities during today’s Global Town Hall at 11 a.m. EDT U.S. (12 p.m. São Paulo, 5 p.m. Cologne, 11 p.m. Shanghai).
Congratulations and thank you!