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Ford posts 2.6 billion U.S. dollars of net income in first quarter

27 April 2011 09:37 (UTC +04:00)

Baku - APA-Economics. Ford Motor Co. on Tuesday reported 2.6 billion U.S. dollars of net income for the first quarter of 2011, or 61 U.S. cents per share, Xinhua reported.

The automaker said fuel-efficient new products, continued investment in global growth and the strengthening of its core business boosted results. ( Ford on Tuesday published its financial results for the first quarter, showing the quarterly revenue totaled 33.1 billion dollars, up five billion dollars from the same period of 2010.

"Our team delivered a great quarter, with solid growth and improvements in all regions," said Alan Mulally, Ford’s 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."

The company’s pre-tax operating profit arrived at 2.8 billion dollars, or 62 cents per share, representing an increase of 827 million dollars year on year. The company has posted a pre-tax operating profit for seven consecutive quarters.

North America posted a first quarter pre-tax operating profit of 1.8 billion dollars in the first quarter, a 591 million dollars increase from first quarter of 2010. Europe reported 293 million dollars, increasing 186 million from the same period of 2010. South America and Asia Pacific Africa also posted increased pre-tax operating profits.

Besides, the company’s automotive pre-tax operating profit arrived at 2.1 billion dollars, an increase of 936 million dollars from the same quarter of 2010, which, according to Ford, benefits from growth in both volume and per-unit net revenue.

Ford also made significant progress in reducing its debts, with a net reduction in automotive debt of 2.5 billion dollars in the first quarter, including the redemption of all outstanding Trust Preferred Securities. Ford ended the first quarter with 21.3 billion dollars of automotive gross cash, which exceeded debt by 4.7 billion dollars, an improvement of 3.3 billion dollars from 2010’s yearend.