Business news in brief
By The Associated Press
Tesla’s 2Q
profit falls
45% to $1.48B
DETROIT | Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.
The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline.
Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.
Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago.
FAA agrees to give tower workers more rest between shifts
WASHINGTON | The Federal Aviation Administration says air traffic controllers will get more rest between shifts. The FAA said Wednesday that it reached agreement with the air traffic controllers’ union. The changes will start with work schedules next year.
A panel of experts recently recommended more rest to reduce the risk that tired controllers might make mistakes. The president of the controllers’ union says his group has been raising concern about fatigue for years. He says the agreement on more rest will help the understaffed workforce.
Ford 2Q net income falls 4.7%
DETROIT | Ford Motor Co.’s second-quarter net income fell 4.7% from a year ago as the company’s combustion engine unit saw pretax profits decline due to higher warranty costs.
The Dearborn, Michigan, automaker said Wednesday it made $1.83 billion from April through June, compared with $1.92 billion a year ago. Excluding one-time items, Ford made 47 cents per share, short of industry analysts’ estimates of 68 cents.
The automaker reported $47.8 billion in revenue for the quarter, a 6.3% increase over the $44.95 billion in the second quarter of 2023.
Ford’s second quarter sales in the U.S., its most lucrative market, rose just under 1% to more than 532,000.
—From AP reports
