Ford Motor Co. earned $2.6 billion in the first three months of 2011, a 22.4% improvement over a year earlier, helped by new vehicles like the Ford Explorer.
It was Ford’s best first-quarter performance since 1998. The company earned 61 cents per share, compared with 50 cents per share in the same quarter a year earlier.
Revenue increased 18% to $33.1 billion from $28.1 billion a year earlier.
“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.”
Ford’s revenues rose 18 percent to $33.1 billion. The company was profitable in all regions even as commodity cost rose.
Ford ended the quarter with $16.6 billion in debt, down $2.5 billion from the beginning of the year.
However, the stock is down more than 17% from its most-recent high as the news flow has turned negative in recent weeks. March domestic vehicle sales for the industry declined to just over 13 million, missing the consensus estimate by 1.8% and falling sequentially by 2.7%.