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Ford’s results not as grim as expected for virus-marred 2Q

 FILE - In this Oct. 20, 2019, file photo, the company logo stands over a long row of unsold vehicles at a Ford dealership in Littleton, Colo. Ford Motor Co.'s profit in 2019 plunged by more than $3.6 billion, weighed down by slowing U.S. sales, the cost of a botched SUV launch and some big pension expenses. (AP Photo/David Zalubowski, File)
FILE - In this Oct. 20, 2019, file photo, the company logo stands over a long row of unsold vehicles at a Ford dealership in Littleton, Colo. Ford Motor Co.'s profit in 2019 plunged by more than $3.6 billion, weighed down by slowing U.S. sales, the cost of a botched SUV launch and some big pension expenses. (AP Photo/David Zalubowski, File) (WILX)
Published: Jul. 30, 2020 at 5:41 PM CDT
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DETROIT (AP) — Ford Motor Co. has posted results that were not as grim as expected for its second quarter that saw its U.S. factories shuttered for half the period to combat the spread of the coronavirus and car buyers sheltering in place.

Ford reported a $1.12 billion second-quarter net profit, pushed into the black by a $3.5 billion gain on the value of its stake in the Argo AI autonomous vehicle operation. Without the one-time gain, the company lost $1.9 billion, or a 35 cents per share. But that was far better than the $1.17 a share loss Wall Street had expected.

A year ago, Ford posted a $148 million net profit.

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