Ford Tops Forecasts on Rising North American Sales

But it continues to lose money in Europe

   

Ford Motor Company1 300x191 Ford Tops Forecasts on Rising North American SalesOn 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.

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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, http://investorplace.com/2013/04/ford-tops-forecasts-on-rising-north-american-sales/.

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