Ford, Mercedes rake in the cash

Half-year results show a strong start for the car-making industry.

A burgeoning US market has helped Ford posted a $US2.4 billion ($A2.2 billion second-quarter profit, pushing its earnings for the year so far to more than $4.9 billion.

However, while its US-based business showed the biggest growth for the world’s second-largest car maker, the key Asia Pacific Africa region — which includes Ford’s Australian operations — pegged only a $US1 million profit — down from $US113 million for the same quarter last year — due in part to »higher costs, which include investments Ford is making to grow across the markets in the region, as well as unfavorable product-line and market mix».

First-half earnings for the region are also well down, totalling only $34 million compared with $136 million for the first half last year.

Vehicle production in the region totalled 224,000 units, with Ford anticipating that third-quarter production will rise to 230,000 units over the next three months. Of that number, Ford Australia has contributed about 9000 Falcon large cars and 5000 Territory soft-roaders so far this year.

According to Ford, the car maker »continues to expect second half results will be lower than first half».

»This reflects increasing commodities and structural costs, as well as seasonal factors that tend to favor the first half,» it says.

The profit figure, down $US201 million on the same quarter last year, included one-off payments including a pension plan for Belgian employees and a reduction of another $US2.6 billion in debt for the quarter.

Meanwhile, German car maker Mercedes-Benz has pegged a record €1.7 billion ($A2.3 billion profit for its second quarter on the back of a big jump in car sales.

So far this year, the company has banked almost €2.9 billion, almost a third more cash than for the same time last year.

Adding to the bottom line were stronger sales of mid-size passenger cars and soft-roaders, as well as lower warranty costs for the quarter.

Interestingly, the car maker’s figures show it received an €11 million insurance payout for damage to its Japanese truck business after the Great East Japan earthquake and tsunami earlier this year.

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