Well sort of.
From Ford Motor Company:
Ford posted net income of $2.3 billion, or $0.69 per share. These results compare with a net loss of $8.7 billion, or $3.89 per share, in the second quarter of 2008.† The results for the second quarter 2009 include a special items net gain totaling $2.8 billion, or $0.90 per share, which includes a $3.4 billion gain related to Ford and Ford Credit’s recent debt-reduction actions.
And after the debt-reduction actions:
A pre-tax operating loss of $424 million in the second quarter of 2009, excluding special items — a $609 million improvement compared with the second quarter of last year — as cost reductions, net pricing, Ford Credit results and market share helped offset the continued impact of the severe global economic downturn.
On an after-tax basis, excluding special items, Ford posted an operating loss of $638 million in the second quarter, or $0.21 per share, compared with a loss of $1.4 billion, or $0.63 per share, a year ago.
As for sales, second quarter revenues were $27.2bn, down $11bn from the same period a year ago, while Ford North America reported a pre-tax loss of $851m, compared with a loss of $1.3bn a year ago:
The improvement was primarily explained by structural cost reductions, favorable net pricing and improved market share, partly offset by lower U.S. industry volume, a reduction in dealer stocks, higher material cost and unfavorable exchange. Second quarter revenue was $10.8 billion, down from $14.2 billion a year ago.
The good news (such as it is) is that Ford ended the quarter with gross cash of $21bn and is sticking with its guidance for the US market:
Ford expects 2009 U.S. industry sales will be between 10.5 million and 11 million units, consistent with the outlook previously communicated by the company. Based on first half European industry volume, Ford now expects that Europe’s full-year industry sales will be in the range of 15 million to 15.5 million units, which is higher than the previous outlook.
Shares in Ford are up 7 per cent in pre-(US) market trading.