Ford posts highest first quarter profit since 1998

 
City A.M. Reporter
Ford reported its best first-quarter profit in 13 years, driven by strong sales in its home market and demand for more fuel-efficient vehicles.

Ford also said yesterday that last month’s earthquake, which has hurt the supply chain in Japan, has had “minimal” impact on its business, and analysts said Ford may even stand to gain market share .

Net income rose to $2.55bn (£1.55bn), or 61 cents a share, compared with $2.09bn, or 50 cents a share, in the year earlier period. It was the highest first-quarter net income since 1998. Excluding one-off items, it earned 62 cents a share, easily topping the 50 cents analysts had expected. It was the seventh straight quarter of operating profit.

Revenue rose to $33.1bn from $28.1bn last year. Analysts had expected $29.7bn.