Ford Motor Co. posts $2.1 billion profit in first quarter of 2010

Ford CEO - Alan Mulally

FoMoCo today announced that its first quarter 2010 net income came in at $2.1 billion, or 50 cents per share, a $3.5 billion improvement from the same period a year ago. Ford says the number moved up due to strong selling new products, improvements in its global Automotive operations, and higher profits at Ford Credit boosted results.

Excluding special items, Ford reported pre-tax operating profit of $2 billion, or 46 cents per share, an improvement of $4 billion from a year ago. It marked the Dearborn automaker’s highest quarterly pre-tax operating profit in six years.

“The Ford team around the world achieved another very solid quarter, and we are delivering profitable growth,” said Ford President and CEO Alan Mulally. “Our plan is working, and the basic engine that drives our business results ““ products, market share, revenue and cost structure ““ is performing stronger each quarter, even as the economy and vehicle demand remain relatively soft.”

Ford pointed out that since it has decided to sell Volvo to Zhejiang Geely Holding Group for $1.8 billion, it will report all of Volvo”s 2010 results are being reported as special items and excluded from Ford”s operating results.

Ford said that its first quarter revenue was $28.1 billion, up $3.7 billion from the same period a year ago. If Volvo had been excluded from 2009, Automotive revenue would have increased by $7 billion, or more than 30 percent.

– By: Omar Rana