Ford Motor Company(NYSE:F) reported a 57% slump in its second-quarter net profit as the company continued to see sharp weakness in the European market due to ongoing financial crisis. Moreover, higher tax rate also put further pressure on the company’s bottom line, which was largely compensated by strong results from North America. The company reported net income of $1 billion, or 26 cents per share on revenue of $33.3 billion, compared to a year ago profit of $2.4 billion or 59 cents a share. On an adjusted basis, the company would have earned 30 cents a share, ahead of analysts’ estimates by 2 cents. In North America, the company posted net income of $2 billion spurred by price hike and highly anticipated new vehicles like the Ford Escape. Shares of Ford rose 1% in pre-market session.
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But Ford lost $404 million in Europe, down from a profit of $176 million last year, as sales slowed because of the economic crisis.
Regeneron Pharmaceuticals Inc(NASDAQ:REGN) shares popped up over 7% in the pre-market session after the company posted much better than estimated second quarter earnings. The company earned $76.74 million, or $0.70 a share on revenue of $304.39 million, reversing a year ago loss of $62.50 million, or $0.69 a share on revenue of $107.90 million. On an adjusted basis, the company earned 90 cents a share, well ahead of analysts’ target of 45 cents a share on revenue of $257.05 million.
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Eli Lilly & Co.(NYSE:LLY) posted solid second quarter earnings that topped analysts’ target and as result the company lifted its 2012 profit outlook, due to the favorable impact of a stronger dollar. The company said that it earned $924 million, or 83 cents per share, down from a year ago profit of $1.2 billion, or $1.07 per share. Excluding special items, the company earned 83 cents per share, topping analysts’ estimates by 6 cents. Global sales of $5.6 billion were in line with Wall Street expectations of $5.59 billion. Lilly said it now expects full-year 2012 earnings of $3.30 to $3.40 per share, excluding special items. It had previously forecast earnings of $3.15 to $3.30 per share.