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Ford Hikes Profit 15%, But Losses in Europe Deepen
Ford Motor Co. reported net earnings of $1.6 billion in the first quarter of 2013 compared with $1.4 billion a year earlier.
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Ford Motor Co. reported net earnings of $1.6 billion in the first quarter of 2013 compared with $1.4 billion a year earlier. Record North American profits were tempered by losses in Europe and South America.
Revenue rose 10% year over year to $35.8 billion as wholesale volume climbed 10% to 1.5 million vehicles.
Ford of Europe's pretax loss deepened to $462 million in the January-March period from $149 million a year earlier. Revenue in the region dropped 7% to $6.7 billion on an 8% decline in sales to 341,000 vehicles.
The company's North American auto operations boosted first-quarter pretax income 14% to a record $2.4 billion. The unit's revenue jumped 20% to $22.3 billion. Sales increased 17% to 761,000 vehicles.
In South America, the company swung to a $218 million loss from a $54 million profit in the first quarter of 2012. Revenue shrank 4% to $2.3 billion. Sales contracted 4% to 113,000 vehicles.
Ford's Asia Pacific and Africa unit swung to a $6 million profit from a $95 million loss. Revenue rose 13% to $2.6 billion. Sales jumped 30% to 282,000 vehicles.
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