Ford Earns Record $1.66 Billion

Ford Motor Co. said today it earned a record $1.66 billion in the second quarter, keeping it ahead of the much-larger General Motors as the most-profitable auto maker in the nation.

The earnings, equal to $3.43 a share, were up 11% from $1.50 billion or $2.90 a share in the first quarter. Ford said its profits were boosted by a strong performance in its international operations, but earnings in the United States declined by $79 million from the previous year. The company said higher incentive, material and labor costs contributed to the decline. GM said last week that it earned $1.51 billion in the quarter.