After disappointing analysts during the final months of 2010, Ford Motor Co. has delivered another surprise – but this time it has well exceeded even the more optimistic forecasts for the first quarter of the New Year, posting $2.6 billion in net income.
That’s a 22.4% year-over-year bump, and works out to 61 cents a share compared to a consensus forecast by a score of Wall Street analysts that Ford’s first-quarter 2011 earnings would come in at a still-respectable 50 cents a share. During the same period in 2010, Ford earned $2.1 billion, or 46 cents a share.
All told, the maker had its largest earnings for the January – March quarter since 1998.
“Our team delivered a great quarter, with solid growth and improvements in all regions,” said Ford president and CEO Alan Mulally.
Ford’s revenues jumped 18% in the latest quarter, from $28.1 billion to $33.1 billion. That reflected strong sales in a number of key markets, notably including Europe, where the maker was able to climb out of the red.