Ford posts $2.1 billion profit on rising sales, lifts production planTue, 27 Apr 2010 00:00:00 -0700
Ford Motor Co. posted net income of $2.1 billion in the first quarter, almost twice the figure projected by analysts, fueled by a 37 percent rise in U.S. sales.
The profit compared with a loss of $1.4 billion a year earlier. Revenue rose to $28.1 billion from $24.4 billion. The automaker said it will boost second-quarter production.
The results prompted Ford to advance its forecast for becoming “solidly profitable” to this year instead of 2011.
"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," CEO Alan Mulally said in a statement.
Ford expects to build 625,000 vehicles in North America this quarter, 30,000 more than its previous guidance and 194,000 units above the year-earlier total.
By Jamie LaReau- Automotive News