Ford 1Q earns fall on Europe slump, tax rate |
| The Associated Press - Apr 27, 2012 |
Ford Motor Co. has tidied up North America, sweeping out old products and excess costs. But the rest of the world keeps making a mess.
The company's net income fell 45 percent to $1.4 billion in the first quarter. Ford took a beating from plummeting European sales and weaker results in Asia and South America. It also started paying more in taxes.
North America came to the rescue, with a $2.1 billion profit, its best first-quarter performance since Ford began reporting the region separately in 2000. In a note to investors, Jeffrey's analyst Peter Nesvold said Ford is seeing success no one would have predicted before its turnaround took hold three years ago.
"These are levels of profitability that few ever expected to see from the Detroit Three," he wrote.
To see how far Ford has come, consider the first quarter of 2004, when Ford made $1.8 billion in North America. The company sold 1 million cars and trucks that quarter, when the market was stronger. In the most recent quarter, with a weaker market, Ford made more money even though it sold just 651,000 vehicles.
Read Full Article from The Associated Press
- Posted: 2012-04-27 15:10:59
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