Ford reports 2.1 billion dollar profit in first quarter

• Source: Xinhua
• [10:07 April 28 2010]
• Comments

Ford Motor Co. reported a profit of $2.1 billion for the first three months of 2010, and said it will be "solidly profitable" a year ahead of schedule on Tuesday.

The Dearborn automaker also announced a big ramp-up in production to match growing demand for its cars and trucks. Moreover, Ford said its days of downsizing are at an end.

"Our performance this year is off to a more encouraging start than anticipated," the Detroit News quoted Ford CEO Alan Mulally as saying. "Based on our improving performance, the gradually strengthening economy and our present assumptions, we now expect to deliver solid profits this year."

Mulally's forecast would put Ford a year ahead of schedule on its turnaround plan; the automaker had promised to deliver on solid profits by the end of 2011.

Excluding special charges and taxes, Ford's operating profit for the first quarter of 2010 was 2 billion dollars, or 46 cents a share. It was Ford's fourth consecutive quarterly net profit and its highest quarterly operating profit in six years.

Last year, Ford lost more than 1.4 billion dollars in the first quarter. The company credited the improvement to higher vehicle sales, ongoing streamlining of its global automotive operations and profits from its lending arm, Ford Credit.