Ford Reports a First Quarter Profit of $2.6 Billion USD

Ford Motor reported today its first quarter 2011 net income. Totalling $2.6 billion USD, the profit increased a total of $466 million USD in comparison to 2010’s first quarter. Ford credits its fuel efficient vehicles, the company’s continued investment in global growth and a strengthening of Ford’s core business as what led to the high profit.

“Our team delivered a great quarter, with solid growth and improvements in all regions,” said Alan Mutually, Ford president and CEO, in a statement. “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 condition.”

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Global profit increase was driven by a strong performance in North America and solid improvement in Europe. Specifically, North America’s first quarter pre-tax operations profit was $1.8 billion, a $591 million increase from 2010. This increase reflects favourable volume and mix combined with favourable net pricing. New product launches as well as structural support for higher manufacturing volumes increased revenue for the first quarter of 2011.

Additionally, Ford also made significant progress in reducing its automotive debt, which was exceeded by $4.7 billion.

“Our business is improving as we achieve growth in volume and revenue, while maintaining our focus on increasing competitiveness,” said Lewis Booth, Ford executive vice president and chief financial officer, in a statement. “The quarter was another encouraging step as we invest for an even stronger business for the future.”