“Ford took advantage of the automotive depression to elevate its brand in the eyes of consumers,” said automotive equity analyst at Standard & Poor’s.

By Keith Naughton at Bloomberg.com

Ford Motor Co. reported second- quarter net income of $2.6 billion, completing its most profitable first half in more than a decade, as car buyers pay more for its new models.

Ford earned $4.7 billion in the year’s first six months, its largest first-half profit since 1998 and its fifth consecutive profitable quarter. Excluding some items, the profit was 68 cents a share, topping the 41-cent average estimate of 12 analysts compiled by Bloomberg. The second-largest U.S. automaker earned $2.26 billion a year earlier, helped by an accounting gain.

Chief Executive Officer Alan Mulally overhauled Ford’s lineup, redesigning cars such as the Taurus and Fusion, and adding extras like heated leather seats and voice-activated electronics. He also boosted quality, which had customers paying 14 percent more for Ford vehicles in June than five years ago, according to Edmunds.com. Ford held 17.5 percent of its U.S. market in the first half, up from 16.1 percent last year.

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