Ford Posts $1.8 Billion Second Quarter Profit, Down $1 Billion from 2011

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released its earnings for the second quarter today, and there is some good news and some bad news. The good news is that is made $1.829 billion for the quarter. The bad news is that it made $2.878 billion in the second quarter of 2011. That means that Ford made $1.049 billion less in the second quarter of this year compared to last year.

Ford's net income was $1.040 billion for the second quarter, which is still down from its $2.398 billion net income in the second quarter of 2011. 

For the first half of the year Ford's total income is $4.122 billion, compared to $5.715 billion in the same period in 2011. Net income for the first half of the year is $2.436 billion, compared to $4.949 billion net income in the same period in 2011. 

Ford says that the difference is due to losses in Europe and South America. North American sales were at $2.01 billion for the second quarter compared to $1.908 billion last year. Ford of North America has made $4.143 billion for the year so far compared to $3.752 billion last year. 

Ford of Europe lost $404 million for the quarter, compared to making $176 million in the same period last year. For the first half, Ford of Europe has lost $553 million compared to making $469 million last year. Ford says that it expects to have a loss in Europe for this year of over $1 billion. 

“The Ford team delivered another solid quarter driven by the strength of Ford North America and Ford Credit. We remain absolutely committed to continuing to make progress on our One Ford plan, including dealing decisively with near-term challenges, investing for future growth, and developing outstanding products with segment-leading quality, fuel efficiency, safety, smart design and value," said Ford President and CEO Alan Mulally.