Ford Reports Blowout Results

Ford's F Alan Mulally spoke to CNBC's Squawk Box this morning about Ford's blowout results. Mulally said the spectacular results come from Ford's focus on quality and bringing out new, innovative products. Ford Credit actually reported a second quarter pre-tax operating profit of $888 million, a $242 million improvement from second quarter 2009 and a $60 million improvement from first quarter 2010. On June 30, 2010, managed leverage was 6.6 to 1. On June 30, 2010, Ford Credit paid $1.3 billion in cash to the UAW Retiree Medical Benefits Trust to settle a portion of the outstanding principal amount of Note A held by the trust and immediately transferred to Ford Motor Company the portion of Note A that it purchased from the trust to satisfy $1.3 billion of intercompany tax liabilities it owed to Ford Motor Company.