Including a $2.8 billion gain related to debt-reduction actions sees Ford earning a net income of $2.3 billion, or $0.69 per share. These results compare with a net loss of $8.7 billion, or $3.89 per share, in the second quarter of 2008. What’s more impressive is that the result is based on second quarter revenues of $27.2 billion, which were down more than $11 billion from the same period a year ago.
At the rate that it's going, the company expects to break-even by 2011 and reach profitability in the following year. Incidentally, Ford hasn’t had an annual profit since 2005, and last year's $14.7 billion net loss is currently the company’s worst year on record.
Ford Credit, meanwhile, reported a pre-tax profit of $646 million for the quarter, compared with a pre-tax loss of $294 million a year ago.