News from Dearborn this morning will please recent purchasers of F-150s, Transits, and Fiestas — Ford Motor Company is absolutely on fire financially, earning $2.5 billion in a very large first quarter.
Ford’s pre-tax profit of $3.8 billion was a record for the company.
Net income at the Glass House more than doubled from last year’s $1.2 billion, translating into a record operating margin of 9.8 percent. Ford’s global market share is up by two-tenths of a percentage point ( to 7.1 percent), thanks to sales gains in North America, Europe, and Asian-Pacific markets.
“The first quarter was an absolutely terrific start to the year — an all-time record for the company, with very strong performance across the business,” Ford president and CEO Mark Fields said in a statement.
Ford reported after-tax earnings of 68 cents per share, up from 39 cents just a year ago.
Record gains in North America tempered losses in the South American market, where things are tough all around thanks to the recession in Brazil. Tanking oil prices and political strife caused losses in the African and Middle Eastern markets as well.
Unsurprisingly, high-profit vehicles such as the F-150 and cash cow SUVs are responsible for much of the North American gains. This time last year, Ford was struggling with low F-150 inventories due to preparations for building the pickups out of aluminium.
Making scads of dough is always a good thing, doubly so when it shifts the conversation away from all the truck recalls we reported on yesterday.
[Image: Ford Motor Company]