Alex Davies / Business Insider
Alex Davies / Business InsiderFord's Q1 earnings results are out.
The company reported earnings of $0.41 per share, beating consensus estimates for $0.38 EPS.
Revenues came in at $35.8 billion, also ahead of expectations.
The stock is currently up 2.3% in pre-market trading.
Below is a summary of the data from the release:
DEARBORN, Mich., April 24, 2013 /PRNewswire/ --
- Strong total company pre-tax profit was $2.1 billion, or 41 cents per share, a decrease of $147 million from a year ago; 15thconsecutive quarter of profitability
- Net income was $1.6 billion, or 40 cents per share, an increase of $215 million compared with a year ago
- Positive Automotive operating-related cash flow was $700 million for the quarter — the 12th consecutive quarter of positive cash flow — with strong liquidity of $34.5 billion, unchanged from year-end 2012
- Wholesale volume and total company revenue each grew about 10 percent compared with a year ago, including market share gains in North America and Asia Pacific Africa
- North America pre-tax profit was a record $2.4 billion — the highest quarterly profit since at least 2000, when the company began reflecting the region as a separate business unit — with an operating margin of 11 percent. Ford also reported a small pre-tax profit for Asia Pacific Africa, and losses in Europe and South America
- Ford Credit continued its solid performance with a first quarter pre-tax profit of $507 million
- For full year 2013, the company's guidance remains unchanged — Ford expects another strong year, with total company pre-tax profit about equal to 2012, operating margin about equal to or lower than 2012, and Automotive operating-related cash flow higher than 2012
Ford Motor Company [NYSE: F] today reported first quarter 2013 pre-tax profit of $2.1 billion, driven by record results from North America and continued solid performance from Ford Credit.
Total company first quarter pre-tax profit of $2.1 billion, or 41 cents per share, was $147 million lower than a year ago, more than explained by Europe and South America. Net income for the first quarter of $1.6 billion, or 40 cents per share, was $215 million higher than a year ago.
Ford generated positive Automotive operating-related cash flow of $700 million in the first quarter — the 12th consecutive quarter of positive performance — with strong liquidity of $34.5 billion unchanged from year-end 2012.
As part of Ford's previously announced strategy to de-risk its pension obligations, the company made $1.8 billion in cash contributions to its worldwide funded plans during the quarter. This included $1.2 billion of discretionary contributions, in line with Ford's long-term pension de-risking strategy.
Dividends paid in the quarter totaled about $400 million.
"Our strong first quarter results provide further proof that our One Ford plan continues to deliver," said Alan Mulally, Ford president and CEO. "Our plan remains centered on serving customers in all markets around the world with a full family of vehicles — small, medium and large; cars, utilities and trucks — each with the very best quality, fuel efficiency, safety, smart design and value."
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