Photo: Courtesy David Willits
Auto giant Ford just announced first quarter financial results.EPS came in at $0.39. Analysts were looking for $0.35.
Revenue came in at $32.4 billion. Analysts were looking for $32 billion.
“Our team delivered a solid performance during the first quarter, with particularly strong results in North America, despite a challenging global external environment,” said CEO Alan Mulally.
Total vehicles sold declined to 1.358 million, down from 1.403 million a year ago.
In North America, pre-tax operating profits climbed to $2.1 billion from $1.8 billion a year ago. This was the highest level for NA profits since 2000. Units sold climbed to 651k, up 36k from a year ago.
Europe had an operating loss of $149 million, down from a $293 million profit a year ago. Units sold fell to 372k, down 60k from a year ago.
“Ford expects U.S. full year industry volume to be in the range of 14.5 million to 15 million vehicles,” wrote the company in statement. “The company expects European full year industry sales in the 19 markets Ford tracks to be about 14 million units. Both estimates include medium and heavy trucks.”