FoMoCo today reported its best first-quarter profit since 1998 as higher prices for its redesigned vehicles more than offset rising commodity and oil prices.
First quarter net income was $2.6 billion, or 61 cents per share, a $466 million increase from first quarter 2010. Pre-tax operating profit was $2.8 billion, or 62 cents per share, an increase of $827 million from first quarter 2010.
“Our team delivered a great quarter, with solid growth and improvements in all regions,” said Alan Mulally, Ford president and CEO. “We continue to accelerate our One Ford plan around the world, delivering on our commitments to serve our global customers with a full family of best-in-class vehicles and deliver profitable growth for all, despite uncertain economic conditions.”
FoMoCo’s North American division posted a first quarter pre-tax operating profit of $1.8 billion, a $591 million increase from first quarter 2010.
Ford said that it also strengthened its balance sheet by reducing its death by an additional $2.5 billion of net debt reductions in the first quarter as a result of the redemption of all outstanding Trust Preferred Securities.
– By: Omar Rana