Last checked at 26 Apr 2011 13:05
FORD REPORTS $2.6 BILLION 2011 FIRST QUARTER NET INCOME AS ONE FORD PLAN CONTINUES STRONG PROGRESS+
·; First quarter net income was $2.6 billion, or 61 cents per share, a $466 million increase from first quarter 2010. Pre-tax operating profit was $2.8 billion, or 62 cents per share, an increase of $827 million from first quarter 2010. Ford has posted a pre-tax operating profit for seven consecutive quarters.
·; Automotive pre-tax operating profit was $2.1 billion for the first quarter, an increase of $936 million from first quarter 2010.
·; Ford Credit reported a pre-tax operating profit of $713 million for the first quarter, a decrease of $115 million from first quarter 2010.
·; Total Company revenue was $33.1 billion in the first quarter, up $5 billion from first quarter 2010.
·; Ford generated positive Automotive operating-related cash flow of $2.2 billion in the first quarter, an improvement of $2.3 billion from first quarter 2010.
·; Ford continued to reduce Automotive debt with an additional $2.5 billion of net debt reductions in the first quarter as a result of the redemption of all outstanding Trust Preferred Securities.
·; Ford ended the first quarter with Automotive gross cash of $21.3 billion, an increase of $800 million compared to the end of 2010. Ford's Automotive gross cash exceeded debt by $4.7 billion, an improvement of $3.3 billion from year end 2010.
·; Ford ended the first quarter with $30.7 billion in total Automotive liquidity, an increase of $2.8 billion from year end 2010.
·; For full year results, Ford plans to deliver continued improvement in pre-tax operating profit and Automotive operating-related cash flow compared to 2010.
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