Ford Posts Record Results
April 28 2016 - 7:51AM
Dow Jones News
By Christina Rogers
Ford Motor Co. delivered record results in the first-quarter
amid strong truck sales, with net income more than doubling in the
period and an operating margin in the core North American unit
rivaling those returned by high-end luxury brands.
Ford reported net income of $2.5 billion, or 61 cents a share,
up from $1.2 billion, or 29 cents a share in the first quarter of
2015, a period negatively affected by short supplies of its biggest
money maker, the F-150 truck. On an operating basis, the company
earned 68 cents per share.
The results beat analyst expectations of 48 cents a share. The
company's closely watched North American operating margin equaled
12.9%, an all-time record during the three-month span, and far
higher than the 8.7% at rival General Motors Co.
Ford's performance comes amid continued sales growth in the U.S.
light-vehicle market. Low gasoline prices have spurred demand for
the most profitable vehicles on dealer lots -- trucks and SUVs,
leading to robust profits for Detroit's Big Three and other major
players in the American market.
Ford's revenue increased 11% to $37.7 billion, up from $33.9
billion in the same period a year ago.
Robust demand for Ford's pricier trucks, including the
best-selling F-150 pickup, in the U.S. continued to drive its
operating profits in North America, which nearly doubled to $3.1
billion in the first quarter versus a year ago.
Ford posted its best quarter in Europe since 2008, swinging to a
$434 million pre-tax profit from a $42 million loss in the same
period in 2015, a further indication that the company's
restructuring efforts in the long-troubled region are producing
results.
Profit in Asia Pacific doubled to $220 million vs. $105 million
a year ago amid growth in China, while the loss in South America --
which is suffering from wider economic malaise -- widened to $256
million.
Write to Christina Rogers at christina.rogers@wsj.com
(END) Dow Jones Newswires
April 28, 2016 07:36 ET (11:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Ford Motor (NYSE:F)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ford Motor (NYSE:F)
Historical Stock Chart
From Sep 2023 to Sep 2024