Ford reports $2.1 billion profit in Q1
The only one of the Big Three domestic automakers not to accept bailout money last year has posted a first quarter gain of $2.1 billion today.
The strong showing in North America, which bested analysts’ estimates, saw the strongest response to new vehicles give the blue oval its largest quarter U.S. market share gain since 1977.
The company was also said it was profitable outside its biggest market with solid gains in Asia, South America and Europe.
“The Ford team around the world achieved another very solid quarter, and we are delivering profitable growth,” Alan Mulally, Ford CEO, said in a statement.
The numbers include:
- Ford Automotive operations posted first quarter pre-tax operating profit of $1.2 billion, a $3.2 billion improvement from first quarter 2009.
- Ford North America reported first quarter pre-tax operating profit of more than $1.2 billion, a $1.9 billion improvement from first quarter 2009;
- Ford Europe earned a pre-tax operating profit of $107 million, a $692 million improvement from a year ago.
- Revenue for the quarter totaled $28.1 billion, a $3.7 billion improvement from first quarter 2009.
- Ended the quarter with $25.3 billion of automotive gross cash, with operating-related cash outflow of $100 million. Ford ended the quarter with $34.3 billion in automotive debt.
- Ford Motor Credit Company reported first quarter pre-tax operating profit of $828 million, an $864 million improvement from first quarter 2009
Based on its improving performance combined with the gradually strengthening economy, Ford says it now expects to deliver “solid profits this year with positive automotive operating-related cash flow.”
On the sales side, Ford announced U.S. sales climbed 37 per cent in Q1. China sales nearly doubled that figure with an 84 per cent leap.
North American production increased 9 per cent to 625,000 units and could mean additional production and support positions at facilities soon.