Ford reported first quarter net income up 15% to $1.6 billion, due to record profits in North America, which offset weakness in South America and Europe.
Ford manages to surpass Wall Street analysts’ estimations of 37 cents per share, reaching 40 cents per share, an increase from 35 per share during the same period last year. Revenue increased 10% to $35.8 billion, also surpassing analysts’ predictions of $33.5 billion.
In North America the automaker earned $2.4 billion, thanks to increased demand for its F-Series trucks, Escape SUVs and Fusion sedans, offsetting the $462 million loss in the European market, where the company’s shares dropped 20% during Q1.
In South America Ford reported a loss of $218 million from a gain of $54 million last year and revenue fell to $2.3 billion from $2.4 billion in 2012. The Asia-Pacific region, especially China, plats an important role for Ford, where the automaker competes with GM and VW. During the first quarter Ford reached a profit of $6 million, from a loss of $95 million last year and revenue hit $2.6 billion from $2.3 billion in 2012. Ford’s overall revenue increased 10.5% to $35.8 billion and global sales of 1.5 million units.
Source: usatoday.com, Cnn.com