Ford handily outperformed expectations as it delivered record net profits and operating income for the first quarter of the year on Thursday.
Net income jumped 113% to $2.45 billion for the January-to-March quarter, or 61 cents a diluted share. A year ago, Ford’s net totaled $1.3 billion, or 29 cents a share. Excluding one-time items, Ford earned 68 cents a share compared to a Wall Street forecast averaging 48 cents.
“Essentially everything has improved,” said Ford Chief Financial Officer Bob Shanks, who also said Ford expects 2016 overall to meet or exceed the company’s strong performance last year.