Ford Motor Co. (F) on Wednesday reported a 15 percent increase in profit for the first quarter, reflecting the best quarterly results at the automaker's North American division in more than a decade. Adjusted earnings per share for the quarter beat analysts' estimates.
Looking ahead to fiscal 2013, Ford maintained its outlook for pre-tax profit to be about equal to 2012, with operating margin estimated to be about equal to or lower than 2012.
Ford's automotive revenue for the first quarter rose 11 percent from last year to $33.9 billion. Total vehicle wholesales increased 9 percent from the year-ago period to 1.50 million units, driven primarily by strong performance in North America and Asia Pacific Africa.
Ford North America revenues for the quarter grew 20 percent from a year ago to $22.3 billion. Ford North America pre-tax profit was $2.4 billion - the highest quarterly profit since at least 2000. Meanwhile, operating margin was 11 percent, compared to 11.5 percent in the year-ago quarter.
For fiscal 2013, Ford North America expects pre-tax profit to be higher than 2012 and operating margin of about 10 percent.
Ford South America revenues for the quarter declined 4 percent from the prior-year period to $2.3 billion, while operating margin was negative 9.4 percent. Ford continues to expect Ford South America results to be about breakeven in fiscal 2013.
Ford Europe revenues declined 7 percent to $6.7 billion. Operating margin was negative 6.9 percent, compared to negative 2 percent in the prior-year period. However, Ford maintained its fiscal 2013 guidance for Europe, expecting a full-year loss of about $2 billion.
Ford Asia Pacific Africa revenues for the quarter rose 13 percent from the year-ago period to $2.6 billion. Operating margin was 0.2 percent, compared to negative 4.2 percent in the same period last year. Ford said that Ford Asia Pacific Africa outlook for fiscal 2013 remains unchanged at about breakeven.
Dearborn, Michigan-based Ford's first-quarter net income attributable to the company increased to $1.61 billion or $0.40 per share from $1.40 billion or $0.35 per share in the year-ago period.
Excluding special items, adjusted earnings per share for the quarter were $0.41, compared to $0.39 in the year ago quarter. On average, 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 grew 10 percent to $35.8 billion from $32.4 billion in the prior year quarter. Analysts had a consensus revenue estimate of $33.74 billion.
Meanwhile, Ford Motor Credit Co. reported an increase in pre-tax profit for the first quarter to $507 million from $452 million a year earlier, reflecting higher receivables and favorable residual performance. These were partly offset by lower credit loss reserve reductions.
Ford Credit's net income for the quarter was $364 million, up from $295 million in the previous year. Total financing revenue rose to $2.02 billion from $1.98 billion in the same period last year.
Looking ahead, Ford Credit continues to expect full year 2013 pre-tax profit to be about equal to 2012.
F closed Tuesday's trading at $13.36. In Wednesday's pre-market, the stock is adding $0.22 or 1.65 percent to $13.58.
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