Ford Reports Record First Quarter

Ford Motor Co.’s pretax profit in the first quarter jumped 55% to a record $3.8 billion, fueled by booming demand for its F-150 pickup truck and redesigned lineup of crossover vehicles.

Revenue in January-March rose 11% to $37.7 billion, and net income more than doubled to $2.5 billion. The company’s automotive operations generated a record $2.7 billion in operating-related cash flow, up 23% from a year earlier.

Ford’s automotive revenue in North America nearly doubled to $1.5 billion. Sales were flat at $6.9 billion in Europe, but wholesales grew 6% to 399,000 units, and the unit’s operating margin swung from -0.6% to +6.3%.

In Asia Pacific, first-quarter revenue climbed 18% to $2.7 billion, unit sales grew 9% to 398,000 vehicles and the operating margin gained 3.6 points to 8.2%. In South America, losses widened to $256 million from $189 million.

For the full year, Ford expects North American operation revenue to be flat at about $9.3 billion. It expects deepening losses in South America but year-on-year gains in Europe and Asia Pacific.