Ford profit falls

Ford Motor Co., hurt by rising commodity prices and higher product-development costs, reported a decline in second-quarter profits on Tuesday.

The automaker said net income was $2.4 billion on revenues of $35.5 billion, excluding Volvo, during the second quarter.

A year ago, Ford posted net profits of $2.6 billion on revenue of $35.07 billion, including Volvo. Excluding Volvo, Ford's revenue in the second quarter of 2010 was $31.3 billion.

"We delivered very good second-quarter results while growing the business globally and serving more customers in every region," Ford CEO Alan Mulally said in a statement. "Despite an uncertain business environment, we further strengthened our balance sheet and continued to invest for the future."

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