Ford said Thursday that it beat Wall Street's expectations in the second quarter as it chalked up a record profit in North America and made money in Europe for the first time in three years. However, things will get leaner in the second half as Ford closes one of its U.S. pickup truck plants to prepare for its new aluminum-sided F-150 and spends more on materials and advertising. Ford, which earned $3.9 billion before taxes in the first half of the year, confirmed it expects full-year earnings of $7 billion to $8 billion, down from $8.6 billion in 2013. For the April-June period, Ford's net income rose 6 percent to $1.3 billion. The profit, of 32 cents per share, was up from 30 cents per share in the same period a year ago. Excluding separation costs in Europe and a $329 million impairment charge for its money-losing joint venture in Russia, Ford earned 40 cents per share. That beat analysts' forecast of 26 cents, according to FactSet. Ford's revenue fell 1 percent to $37.4 billion, ahead of analysts' expectation of $36.2 billion. Worldwide sales fell 1 percent to nearly 1.7 million. Sales were down in every region except Asia Pacific, where they jumped 21 percent thanks to strong sales of new vehicles like the Kuga SUV in China. Ford reported its highest-ever pretax profit of $2.4 billion in North America. The company's U.S. sales fell, partly because it pulled back on truck deals to ensure it has enough inventory as it transitions to the new F-150. But chief financial officer Bob Shanks said that was offset by lower costs for materials such as steel and increases in sales of parts and accessories.
