Ford’s second quarter net income up on tax changes

Posted at 7:32 AM, Jul 26, 2017
and last updated 2017-07-26 07:32:16-04

DEARBORN, Mich. (AP) — Ford Motor Co.’s net income rose 4 percent to $2 billion in the second quarter, boosted by a change in the company’s tax rate and better-than-expected results at its credit arm.

The company’s adjusted profit, of 56 cents per share, beat Wall Street’s forecast of 43 cents, according to analysts polled by FactSet. Ford Chief Financial Officer Bob Shanks acknowledged that beat was mostly due to a revision in the company’s corporate tax rate.

Ford’s automotive revenue of $37 billion was in line with Wall Street’s expectations.

The quarter was one of upheaval for the Dearborn-based automaker. In May, Ford abruptly replaced CEO Mark Fields with Jim Hackett, a company board member who had been leading Ford’s mobility unit.