Ford posts another quarterly profit as sales climb

Ford Motor Co. says it posted net income of $2.6 billion in the second quarter as it continued to grab sales from rivals in a slowly recovering U.S. market. Ford says its U.S. sales rose 28 percent in the first six months of this year. That's almost double the pace of the industry. It was Ford's fifth straight quarterly profit.

The 61 cents per-share net income compares with profit of $2.3 billion, or 69 cents per share, in the same quarter a year ago. The year-ago results were mainly driven by debt repayments.

Ford results exceed analysts' expectations. Analysts polled by Thomson Reuters were forecasting a profit of 40 cents per share.

Ford says revenues were $31.3 billion, up from $27.2 billion a year ago. Analysts had forecast revenues of $29.8 billion.