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Ford reported $2.55 billion profit for the first three months of the year "as fuel-efficient new products, continued investment in global growth and the strengthening of Ford's core business boosted results."
It was the eighth consecutive quarterly profit for Ford, the only major US automaker that did not seek a government bailout during the 2008-2009 financial crisis.
Earnings per share of 61 cents were up 22 per cent from the same period in 2010, the company said in a statement.
First-quarter revenue rose 18 per cent to $33.1 billion.
The company's results beat Wall Street estimates. Ford Motor Company shares were up more than 3.0 per cent at $16.03 in pre-market trading.
According to industry analysts at Edmunds.com, the average transaction price of a new Ford is up over $250 from the 2010 first quarter.
Jessica Caldwell at Edmunds.com noted the earnings report followed Ford's best sales month in four years -- in March, when Ford knocked out rival General Motors for the top spot in US auto sales.
"Ford's momentum stems from the company's balanced product portfolio and its commitment to refresh its lineup at an aggressive pace, which keeps dealers excited and continues the buzz among car-shoppers," she said.
"Fluctuating gas prices and shifting consumer preferences don't matter much when you have a strong representative in every major product category as Ford does."
Ford said its automotive business is gaining traction from growth in both volume and per-unit net revenue.
"This revenue growth, along with scale benefits from increasing volume, are driving improvements in profitability and operating margin -- despite higher commodity costs and planned cost increases associated with the investments Ford is making in its products, brand and future growth," the Dearborn, Michigan-based firm said.
Ford said it was continuing to make progress in slashing the mountain of debt it acquired to survive the crisis, by $2.5 billion.
The company said it ended the quarter with $21.3 billion in liquidity and $16.6 billion in debt.
"Our team delivered a great quarter, with solid growth and improvements in all regions," Ford chief executive Alan Mulally said in the statement.
In North America, Ford posted pre-tax operating profit of $1.8 billion, compared with $1.2 billion a year ago, thanks to higher auto prices and sales volume.
The South America business reported a 3.4 per cent rise in pre-tax operating profit to $210 million.
In Europe, pre-tax operating profit nearly tripled, to $293 million on an eightfold increase in sales, thanks in part to a favorable foreign-exchange rate.
Operations in Asia-Pacific and Africa pumped up a 43 per cent gain in profit to $33 million.
Ford Credit, the company's financial business, saw a 14 per cent drop in profit to $713 million. The company predicted "solid profitability" for 2011, but at a lower level than in 2010.
Ford said it expects its full-year US total market share and its share of the US retail market as well as European market share to be equal to or improved from 2010.
For the first quarter, Ford said it held 16 per cent of the US market and 8.5 per cent of the European market.
Ford estimated second-quarter production of about 1.5 million units, up 12,000 units from a year ago, reflecting "continued strong customer demand" for its products.
"The forecast reflects Ford's best projection, at this time, of the impact of the events in Japan. As always, Ford's production plans remain consistent with its strategy to match supply to demand," it said.
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