Ford's profit beats expectations, sets record for North America

Ford Motor Co's operating earnings for the second quarter beat Wall Street expectations as better-than-expected profit in North America and Europe countered weaker results than expected in Asia Pacific and South America.

Excluding one-time items, Ford showed a profit of $2.6 billion, or 40 cents per share, which topped the 36-cent-per-share forecast by analysts surveyed by Thomson Reuters I/B/E/S.

For the quarter, Ford's net income was $1.3 billion, or 32 cents per share, up from $1.23 billion, or 30 cents per share, a year earlier.

Ford set a record for operating profit in North America at $2.44 billion, and it showed its first profit in Europe in three years.