Ford_News
04-26-2011, 08:03 AM
Filed under: Ford (http://www.autoblog.com/category/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2011/04/ford-logo.jpg (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#continued)
Ford (http://autoblog.com/make/ford/) announced its most rewarding first quarter since 1998, with $2.6 billion in earnings on global sales of $33.1 billion. The earnings are up 22 percent versus the first quarter of 2010, while sales increased by $5 billion for the quarter. This large increase in sales was the biggest driver for the overall profit, as the Dearborn, Michigan-based automaker moved 1.4 million units in Q1 2011, up 16 percent versus Q1 2010.
Most of Ford's profit came from moving vehicles here in North America, where $1.8 billion in total earnings were bolstered by improved sales and lower incentive spending. Ford also managed to eek out a $293 million profit in Europe, which posted a loss in the fourth quarter of, 2010. In all, Ford managed $2.8 billion in operating profit, and $2.1 billion of that money came from automotive operations. Ford Credit earned $713 million on the quarter.
Further good news comes on the debt front, as Ford managed to pay down its debt by $2.5 billion during Q1 while also increasing liquidity by $2.8 billion. That means Ford has a much larger cushion in the event the industry's economic situation once again takes a turn for the worse, while also paying less money in interest. Ford eliminated $1 billion in annual interest costs in 2010.
Ford's outstanding quarter took analysts by surprise, as the projections of a 50 cents-per-share profit was demolished by a 61 cents-per-share reality. As a result, Ford shares are up four percent in early Tuesday trading. Hit the jump (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#continued) to read Ford's official statement.
[Sources: Ford, The Detroit News (http://detnews.com/article/20110426/AUTO01/104260382/Ford-posts-strong-first-quarter-earnings-of-$2.6B) | Image: Chris Shunk/AOL]Continue reading Ford earns $2.6B in first quarter, most since 1998 (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/)
Ford earns $2.6B in first quarter, most since 1998 (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 26 Apr 2011 09:57:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Read (http://detnews.com/article/20110426/AUTO01/104260382/Ford-posts-strong-first-quarter-earnings-of-$2.6B) | Permalink (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/) | Email this (http://www.autoblog.com/forward/19923900/) | Comments (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#comments)
More... (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/)
http://www.blogcdn.com/www.autoblog.com/media/2011/04/ford-logo.jpg (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#continued)
Ford (http://autoblog.com/make/ford/) announced its most rewarding first quarter since 1998, with $2.6 billion in earnings on global sales of $33.1 billion. The earnings are up 22 percent versus the first quarter of 2010, while sales increased by $5 billion for the quarter. This large increase in sales was the biggest driver for the overall profit, as the Dearborn, Michigan-based automaker moved 1.4 million units in Q1 2011, up 16 percent versus Q1 2010.
Most of Ford's profit came from moving vehicles here in North America, where $1.8 billion in total earnings were bolstered by improved sales and lower incentive spending. Ford also managed to eek out a $293 million profit in Europe, which posted a loss in the fourth quarter of, 2010. In all, Ford managed $2.8 billion in operating profit, and $2.1 billion of that money came from automotive operations. Ford Credit earned $713 million on the quarter.
Further good news comes on the debt front, as Ford managed to pay down its debt by $2.5 billion during Q1 while also increasing liquidity by $2.8 billion. That means Ford has a much larger cushion in the event the industry's economic situation once again takes a turn for the worse, while also paying less money in interest. Ford eliminated $1 billion in annual interest costs in 2010.
Ford's outstanding quarter took analysts by surprise, as the projections of a 50 cents-per-share profit was demolished by a 61 cents-per-share reality. As a result, Ford shares are up four percent in early Tuesday trading. Hit the jump (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#continued) to read Ford's official statement.
[Sources: Ford, The Detroit News (http://detnews.com/article/20110426/AUTO01/104260382/Ford-posts-strong-first-quarter-earnings-of-$2.6B) | Image: Chris Shunk/AOL]Continue reading Ford earns $2.6B in first quarter, most since 1998 (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/)
Ford earns $2.6B in first quarter, most since 1998 (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 26 Apr 2011 09:57:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Read (http://detnews.com/article/20110426/AUTO01/104260382/Ford-posts-strong-first-quarter-earnings-of-$2.6B) | Permalink (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/) | Email this (http://www.autoblog.com/forward/19923900/) | Comments (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/#comments)
More... (http://www.autoblog.com/2011/04/26/ford-earns-2-6b-in-first-quarter-most-since-1998/)