Ford's 2Q profit better than expected despite CEO turmoil

Ford Motor Co. had a better-than-expected second quarter despite lower sales and upheaval in its executive ranks.

Net income rose 4 percent to $2 billion, thanks to a change in the company's tax rate and a strong performance from its credit arm.

Ford's new CEO Jim Hackett called it “a solid performance,” but said the company still needs to get much more fit and nimble.

Adjusted profits of 56 cents per share easily surpassed Wall Street expectations of 43 cents, according to analysts polled by FactSet. One-time items included a $248 million charge as the company shifted production of the Ford Focus small car from Mexico to China.

Ford's automotive revenue of $37 billion was in line with Wall Street's expectations. Total revenue rose 1 percent to $39.85 billion.