Ford reports earnings

Ford is posting its ninth straight quarter of profit.

However, earnings were down slightly, even as worldwide sales rose.

The company earned $2.4 billion, or 59 cents a share.

That’s down 8% from $2.6 billion, or 61 cents a share in the second quarter of 2010.

Part of the reason for that is more spending on materials and product development.

Ford also paid off $2.6 billion in debt during the quarter.