Q1 profits jump 22% at Ford
Net profits rose 22% to $2.55bn (€1.74bn) in the first quarter of 2011 while pre-tax operating profit increased by $827 million (€566 million) to $2.8 billion (€1.9 billion) compared to the same period last year.
'Our team delivered a great quarter, with solid growth and improvements in all regions,' said Alan Mulally, Ford president and CEO. 'We continue to accelerate our One Ford plan around the world, delivering on our commitments to serve our global customers with a full family of best-in-class vehicles and deliver profitable growth for all, despite uncertain economic conditions.'
The carmaker said that US sales grew 16% in the period, due to strong demand for fuel-efficient products such as Fiesta, Fusion, Edge, Escape, Explorer and F-Series.
It also said that it increased its Asia Pacific Africa share to 2.4%, fuelled by its Fiesta, Focus, Figo and Ranger models. Meanwhile sales in China increased by 18% and were up 115% in India.
Looking ahead to the rest of the year, Ford said that it will continue with its One Ford plan to launch key products in critical markets, while maintaining a sharp focus on critical business issues. However, it warned that quarterly results towards the end of 2011 may not be as strong as Q1.For more of the latest industry news, click here.