Ford Tops Forecasts on Rising North American Sales

But it continues to lose money in Europe


Ford GMOn Wednesday, Ford (NYSE:F) announced that it sold 1.5 million cars during the first quarter.

The automaker posted a quarterly pre-tax profit of $2.1 billion, down from $2.3 billion during the same time last year. Pre-tax EPS came in at 41 cents, beating the 37 cents that Wall Street had forecast, Reuters noted.

Ford Apologizes for Bondage-Style Cartoon Ads
Ford Apologizes for Bondage-Style Cartoon Ads

During the quarter, Ford generated net income of $1.6 billion, up from $1.4 billion in 2012. Revenue hit $35.8 billion, a 10.5% increase over the same time last year.

Sales in North America rose strongly during the quarter, up 17% compared to last year. European sales, however, continued to lag. The company posted a $462 million loss in Europe, where the economy remains weak. It also posted a $218 million loss in South America, due mostly to unfavorable currency exchange rates.

During the first quarter, U.S. rival General Motors (NYSE:GM) sold 2.36 million vehicles, falling just short of reclaiming the title of world’s top-selling automaker from Toyota (NYSE:TM).

Shares of Ford fell fractionally in Wednesday morning trading.

Article printed from InvestorPlace Media,

©2016 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.