News Summary: European losses hurt Ford 2Q profit

AP News
Posted: Jul 25, 2012 2:35 PM

FORD FALLS: Ford Motor Co.'s second-quarter profit fell 57 percent to $1 billion, largely because of a $404 million loss in Europe. The company says it expects its full-year operating profit to be lower than 2011.

EUROPE LOSSES: Ford expects to lose $1 billion in Europe this year, double what it forecast at the beginning of 2012. Sales are at a 20-year low because of economic uncertainty.

WHAT'S NEXT: Ford is slowing production lines, cutting advertising and laying off temporary workers in Europe while it works on a larger restructuring plan that could include plant closures.