Ford's global pre-tax profit was up $44 million from a year earlier. Ford’s second-quarter net income was $1.3 billion, an increase of $78 million compared with last year’s quarter. Ford’s net figure was trimmed by pre-tax special charges of $481 million
Revenues fell slightly to $37.4 billion.
Bob Shanks, Ford Chief Financial Officer, said the quarterly profit in Europe was "a great outcome. Even though it was a small profit, it was a profit. It shows our transformation plan is working."
Ford's last positive quarter in Europe was in the second three months of 2011 when it reported a pre-tax profit of $176 million.
Ford took two special charges in the second quarter totaling $481 million and both related to Europe. One was a $152 million in separation charges related to the closing of its Genk, Belgium, plant at the end of this year. The other was a $329 million impairment of its investment in its Ford Sollers joint venture plant in Russia.
Shanks said the impairment in Russia would not change Ford's commitment to Russia. "This has nothing to do with our continued participation in the Russian market. It is potentially the largest market in Europe and we're continuing our participation in that market. We've got a number of launches planned there," he said.
Ford attributed its North American results to robust industry sales, a strong product lineup and "continued discipline in matching production to demand."
Ford affirmed its pre-tax profit guidance of a $7 billion to $8 billion pre-tax profit in 2014 during its busiest launch schedule in history. Ford is debuting 23 new products worldwide this year including 16 in North America.
Ford's operating margin in North America was 11.6 percent up from 10.6 percent in the second quarter last year.
Ford also set a quarterly record in its fast-growing Asia Pacific region with a $159 billion profit, a 3.7 percent market share for the region and a 4.6 percent market share in China. Shanks said most of the profit came from China, but he didn't give a breakdown.
South America was the only region where Ford posted a loss -- $295 million compared to a $151 million profit a year ago. Ford attributed the loss to lower volume and mix, unfavorable exchange rates and higher costs.