DETROIT — The Ford Motor Company earned bragging rights as the only American carmaker to avoid bankruptcy, but now its chief executive, Alan R. Mulally, faces a particularly difficult phase of his turnaround effort.

Its domestic rivals General Motors and Chrysler are enjoying fresh starts after their Chapter 11 filings, leaving Ford with a greater debt load as it struggles to become profitable.

The company showed more progress with its second-quarter results, announced Thursday, which beat expectations. But Mr. Mulally is not claiming victory.

“We have more confidence than ever that our plan is working, but we’re still losing money,” Mr. Mulally said in an interview.

Ford reported a loss of $638 million, before special items, in the quarter that ended June 30, compared with a $1.4 billion loss in the same period a year ago.

The company said it remained on track to break even or post a profit by 2011. Ford also drastically reduced its cash burn rate in the quarter, to $1 billion, compared with $3.7 billion during the first three months of this year.

“In its second quarter, Ford delivered exactly what we wanted to see — lower cash burn,” said an analyst, Shelly Lombard, of Gimme Credit in a research note.
吉米证劵的分析师Shelly Lombard在一次调查中声称:“在第二季度,福特的发展正是我们期待看到的---更低的现金消耗。”

Ford’s market share improved to 16 percent through the first six months of this year, but the gains were achieved while G.M. and Chrysler were either pleading for federal loans or reorganizing in bankruptcy court.

Earlier this year, Ford said it would be satisfied if it could stabilize its market share. Mr. Mulally said Thursday that he was now expecting the company to continue increasing its share through the rest of this year and beyond.

Until this year, the automaker had been losing market share consistently for a decade.
The goal will be more difficult to achieve as G.M. and Chrysler mount their own turnaround efforts with less debt and leaner organizations.

The Japanese automaker Toyota is also formulating its own recovery strategy for the American market.

“It’s not going to get any easier for Ford, and may get more challenging in the short term,” said John Wolkonowicz, an analyst with HIS Global Insight. “But I think they are on the right track, and they have some very good products coming.”
HIS全球视野的分析师John Wolkonowicz 指出,“现阶段对福特来说并不容易,反倒是一种挑战。但是我认为他们的发展方向是正确的,并且他们确实新推出了一些让人期待的新产品。”