July 25, 2012 / 11:02 AM / 5 years ago

Ford 2nd-quarter profit beats, sees $1 bln loss in Europe

July 25 (Reuters) - Ford Motor Co reported a better-than-expected second-quarter profit on Wednesday, but roughly doubled its forecast for losses in Europe, where a deepening economic crisis pushed industry auto sales to their lowest level in nearly 20 years.

The No. 2 U.S. automaker now expects to lose more than $1 billion in Europe. Earlier this year, Ford forecast an annual loss of between $500 million and $600 million.

Ford posted second-quarter net income of $1 billion, or 26 cents per share, down from $ 2.4 billion, or 59 cents per share, a year ago. Revenue fell 6.2 percent to $33.3 billion.

Excluding one-time items, Ford earned 30 cents per share. On average, analysts expected a profit of 28 cents, according to Thomson Reuters I/B/E/S.

The automaker relied entirely on North America and Ford Motor Credit to turn a profit in the second quarter. In a statement, Chief Financial Officer Bob Shanks said the automaker was reviewing its strategy in Europe, but added that it was “premature” to discuss details. (Reporting By Deepa Seetharaman and Bernie Woodall; editing by Jeffrey Benkoe)

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