Ford Posts Record Results

Ford Motor Co. delivered record results in the first-quarter amid strong truck sales, with net income more than doubling in the period and an operating margin in the core North American unit rivaling those returned by high-end luxury brands.

Ford reported net income of $2.5 billion, or 61 cents a share, up from $1.2 billion, or 29 cents a share in the first quarter of 2015, a period negatively affected by short supplies of its biggest money maker, the F-150 truck. On an operating basis, the company earned 68 cents per share.

The results beat analyst expectations of 48 cents a share. The company's closely watched North American operating margin equaled 12.9%, an all-time record during the three-month span, and far higher than the 8.7% at rival General Motors Co.

Ford's performance comes amid continued sales growth in the U.S. light-vehicle market. Low gasoline prices have spurred demand for the most profitable vehicles on dealer lots—trucks and SUVs, leading to robust profits for Detroit's Big Three and other major players in the American market.

Ford's revenue increased 11% to $37.7 billion, up from $33.9 billion in the same period a year ago.

Robust demand for Ford's pricier trucks, including the best-selling F-150 pickup, in the U.S. continued to drive its operating profits in North America, which nearly doubled to $3.1 billion in the first quarter versus a year ago.

Ford posted its best quarter in Europe since 2008, swinging to a $434 million pre-tax profit from a $42 million loss in the same period in 2015, a further indication that the company's restructuring efforts in the long-troubled region are producing results.

Profit in Asia Pacific doubled to $220 million vs. $105 million a year ago amid growth in China, while the loss in South America—which is suffering from wider economic malaise—widened to $256 million.

Write to Christina Rogers at [e-mail]

(END) Dow Jones Newswires

April 28, 2016 07:45 ET (11:45 GMT)

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