Ford Motor (F) reported its best quarterly profit in 13 years, earning $2.55 billion, or 0.61 cents a share. Excluding some one-time charges, the company earned 0.62 cents a share, easily topping analyst expectations of 0.50 cents a share. Revenues rose 18% to $33.1 billion from $28.1 billion last year.
U.S sales increased 16% showing resilience to rising U.S. gasoline prices. Canada, China, and India sales were all up by 8.6%, 18%, and 115% respectively. Expected shortages of new cars and trucks from Japanese auto makers throughout 2011 positions Ford to grab profitable market share. Ford raised its second quarter production forecast by 12,000 vehicles from 2Q2010, to about 1.5 million new cars and trucks.
Ford showed a pretax operating profit of $293 million in Europe, a vast improvement from the $51 million operating loss reported in the forth quarter, which was blamed for Ford's failure to meet analyst expectations last quarter.
Ford shares pushed as high as $16.18 earlier in the day, but closed up almost 1% at $15.66. The stock is down 4.8% since the beginning of the year