Ford Tops Forecasts on Rising North American Sales

by Christopher Freeburn | April 24, 2013 10:27 am

Ford Tops Forecasts on Rising North American Sales

Ford Motor Company1 300x191 Ford Tops Forecasts on Rising North American Sales[1]On Wednesday, Ford (NYSE:F[2]) announced that it sold 1.5 million cars during the first quarter.[3]

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.

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[4]) sold 2.36 million vehicles, falling just short of reclaiming the title of world’s top-selling automaker[5] from Toyota (NYSE:TM[6]).

Shares of Ford fell fractionally in Wednesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Ford-Motor-Company1.jpg
  2. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
  3. during the first quarter.: http://www.reuters.com/article/2013/04/24/us-ford-results-idUSBRE93N0JA20130424
  4. GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
  5. falling just short of reclaiming the title of world’s top-selling automaker: http://investorplace.com/2013/04/toyota-remains-worlds-top-selling-automaker/
  6. TM: http://studio-5.financialcontent.com/investplace/quote?Symbol=TM

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