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Ford income up 15% in quarter

Ford’s US sales rose 11 percent in the first three months of this year.

Gary Cameron/REUTERS/File

Ford’s US sales rose 11 percent in the first three months of this year.

DETROIT — Ford Motor Co. said Wednesday that its net income improved 15 percent in the first quarter to $1.6 billion, as record results in North America compensated for losses in Europe and South America.

Ford, the nation’s second-largest automaker, said its revenue grew 10 percent in the quarter to $35.8 billion, compared with the year-
earlier period, and its market share continued to increase in the United States.

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Despite unsettled economic conditions in international markets, the company reiterated forecasts that its full-year profits would at least match its performance in 2012.

Ford shares closed down 3 cents or 0.22 percent at $13.33. The earnings results were better than analysts had expected, with Ford reporting a pretax profit of $2.1 billion, or 41 cents a share, exceeding forecasts of 37 cents a share, according to Thomson Reuters. Ford said strong sales in its core North American market had propelled the company to its 15th consecutive profitable quarter.

The company’s sales in the United States rose 11 percent in the first three months of this year, compared with a 6 percent increase for the overall industry.

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