Ford Motor Co. (F) reported that its first-quarter net income attributable to the company increased to $1.61 billion, from last year's $1.40 billion, with earnings per share improving to $0.40 from $0.35 last year.
Excludes special items and Income or Loss attributable to non-controlling interests, earnings per share for the quarter increased to $0.41 from $0.39 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the quarter rose to $35.8 billion from $32.4 billion in the prior year quarter. Thirteen analysts had consensus revenue estimate of $33.74 billion for the quarter.
For full year 2013, Ford's guidance for North America remains unchanged — the company expects strong performance to continue, with pre-tax profit expected to be higher than 2012 and operating margin of about 10 percent. The company's guidance remains unchanged, with Ford South America expected to be about breakeven.
Full year 2013 guidance for Europe also remains unchanged, with the company expecting a loss of about $2 billion. For full year 2013, the company's guidance for Ford Asia Pacific Africa remains unchanged at about breakeven.
Ford expects net interest expense for full year 2013 to be about $750 million to $800 million, in line with the first quarter run rate of about $200 million.
In a separate press release, Ford Motor Credit Company reported a pre-tax profit of $507 million in the first quarter of 2013, compared with $452 million a year earlier. The increase in pre-tax earnings was primarily explained by higher receivables and favorable residual performance, offset partially by lower credit loss reserve reductions. Ford Credit's net income was $364 million in the first quarter, compared with $295 million in the previous year.
Ford Motor Credit's total financing revenue for the quarterwas $2.015 billion, up from $1.976 billion last year.
Ford Credit continues to expect full year 2013 pre-tax profits to be about equal to 2012, year-end managed receivables in the range of $95 billion to $105 billion, and planned distributions of about $200 million for the year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.