Ford's 2Q Profit Better Than Expected Despite CEO Turmoil

Ford's automotive revenue of $37 billion was in line with Wall Street's expectations. Total revenue rose 1 percent to $39.85 billion. The elevated performance in the second quarter was due mostly to a lowering of the company's corporate tax rate, from 30 percent down to 10 percent, Chief Financial Officer Bob Shanks acknowledged. Ford has put some overseas losses back on its books in anticipation of changes in the U.S. corporate tax code, Shanks said. The company expects to have a 15 percent rate this year, but that will return to 30 percent next year.