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Ford posts quarterly profit after debt restructuring

Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to debt restructuring actions, with global markets still reeling from a recession that helped to push US rivals General Motors and Chrysler into bankruptcy.

Ford still posted an operating loss for the quarter, excluding a net gain of $2.8 billion from one-time items that included the debt reduction actions, and the automaker said on Thursday that it was on track to be at least at break-even in 2011. The net profit amounted to 69 cents per share, for the second quarter, compared with a net loss of $2.7 billion, or $3.89 per share, a year earlier. The loss from continuing operations and excluding one-time items was $638 million, or 21 cents per share. Analysts on average expected a loss of 50 cents per share on that basis, according to Reuters Estimates. (Reuters)