Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 28, 1994 TAG: 9408180039
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: Associated Press
DATELINE: DETROIT LENGTH: Short
The financial earnings announced Wednesday were the result of rebounding business in Europe and stronger sales in North America.
But despite the results, Ford executives said they weren't satisfied with the company's quarterly profit margin of 4.2 percent for its automotive business - an indication the company will devote even more effort to cutting the cost of building trucks and cars.
``We think our greatest opportunities will come from becoming more efficient in the product development process,'' said Ford vice president and treasurer David McCammon. The profit margin goal is 5 percent, he said.
The April-June results compared with earnings of $775 million a year earlier and surpassed the previous record of $1.67 billion in the second quarter of 1988. Per-share results were $1.63 compared with 72 cents a year ago.
``All of our major operations really came through,'' McCammon said.
Ford is the second of the Big Three to report earnings for the period.
General Motors Corp. reports today, with industry analysts predicting GM profits also up by about $1 billion from the 1993 quarter's $889 million.
Chrysler Corp. posted a $956 million profit for the period, the best quarter in its history and 40 percent ahead of a year ago.
Ford stock closed down $1.25 a share to $30.371/2 on the New York Stock Exchange on Wednesday.
by CNB