Ford Motor Co. reported yesterday all-time worldwide record dollar sales, vehicle sales. profits, and employment for the three months that ended June 30 - although after-tax profit margins declined and earnings were up only modestly from last year.
The company also said six-month profits dipped but cash and market-able securities reserve stood at a record $4 billion it held a year earlier. Ford increased iits projections for capital spending by 20 percent to $3 billion each year for 1978 through 1982.
The improvements in earnings primarily reflected higher industry volume in North America and Europe, and higher Ford market shares in North America," chairman Henry Ford II said in a statement issued with the financial report on the second quarter.
Second-quarter profits were $540 million ($4.49), up slightly from $530 million ($4.49) a year ago with North American profits off. Six-month profits declined to $1.1013 billion ($8.59).
"Continued escalation in the cost of labor and materials, a less profitable mix of vehicles in North America and the higher cost associated with new model programs were a partial offset" to the gains, Ford said.
The company's sales worldwide in the second quarter were $11.9 billion compared with $9.7 billion a year earlier Six-month sales rose to $21.9 billion from $18.9 billion.
Vehicle sales worldwide were 1.9 million compared to 1.75 million a year earlier. Ford's labor costs for the three months were $3.2 billion, up from $2.7 billion a year ago.
The company said that its after-tax profit as a percentage of sales had fallen again, to 4.6 percent in the quarter, down from 5.5 percent in the same three-month period a year earlier. In North America, profits were 6.3 percent of sales in the quarter.
Outside of the U.S. and Canada, Ford's sales in the quarter were $3.6 billion or 30 percent of the total. That generated $224 million of profits (42 percent). A Ford spokesman said the majority of the profits from outside the U.S. and Canada were made in Britain and Germany.