Ford Motor Co. topped Wall Street’s already optimistic earnings estimate with a 16% jump in first-quarter net income of $1.6 billion, or 40 cents per share.
That compared to last year’s 35-cent earnings and a 37-cent consensus estimate for the latest quarter among analysts polled by FactSet. The maker would have done still better were it not for problems in Europe which resulted in a $147 million decline in pre-tax earnings of $2.1 billion. But Ford’s results also were buoyed by the strongest results in North America in “at least” a decade.
“Our strong first quarter results provide further proof that our One Ford plan continues to deliver,” said Alan Mulally, Ford president and CEO. “Our plan remains centered on serving customers in all markets around the world with a full family of vehicles — small, medium and large; cars, utilities and trucks — each with the very best quality, fuel efficiency, safety, smart design and value.”