Business

Ford shares up despite second quarter profits declining

Alan Mulally
Image caption Ford's Alan Mulally said the company had been "further strengthened"

US motor company Ford has seen its quarterly profits decline, but still beat Wall Street analyst expectations.

Net income fell to $2.4bn (£1.46bn) in the second quarter, from $2.6bn in the same period last year. North America was the only region where the company's profit improved.

Shares rose 1.4% in early trade.

"Despite an uncertain business environment, we further strengthened our balance sheet," said Ford president Alan Mulally.

Globally, the company announced plans to add 340 new Chinese dealerships by 2015, and also build its next next-generation "small SUV" in China.

The carmaker also increased its market share in the US and Europe.

Its revenues rose 13% to $35.5bn.

The company did not alter its North American production outlook or its 2011 US sales forecast.

Ford was the only big US carmaker that was not subject to a US government bail-out during the financial crisis.

Since then, when Ford was posting a loss, Ford has posted eight straight quarterly profits.

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