Detroit: Ford Motor Co posted a $2.1 billion first-quarter profit that exceeded Wall Street forecasts as North American production and sales picked up, and it raised its 2010 outlook to “solid profits.”
Ford, the No. 2 US automaker, on Tuesday raised its second-quarter North American production plan and its 2010 outlook for its Ford Motor Credit financing arm. It now expects Ford Credit profits to be about the same as in 2009, up from somewhat lower.
Net income amounted to 50 cents per share in the quarter, compared with a year-earlier net loss of $1.4 billion, or 60 cents per share. Revenue rose to $28.1 billion from $24.4 billion.
Excluding one-time items, earnings were 46 cents per share. On that basis, analysts on average expected profit of 31 cents, according to Thomson Reuters.