This increase in income is Ford’s largest since 1998, while a Wall Street analysis suggests that Ford’s shares during the first quarter of 2011 are 50 cents each. Compared to the same period in 2010, the American automaker managed to gain a 46 cents per share.
“Our team delivered a great quarter, with solid growth and improvements in all regions,” said Ford president and CEO Alan Mulally.
The automaker's profit raised 18% in the latest quarter and the figure reflects great sales mostly on important European markets.
Thanks to pre-tax operating in the United States, Ford managed to obtain a profit of $1.8 billion (EUR1.23 billion). Other aspects also helped the manufacturer reach that figure, one of which being represented by their decision to adopt a global product development strategy. This meant the Fiesta and the new Focus were specially designed and engineered especially for global sales.
“We continue to accelerate our One Ford plan around the world,” explained Mulally.
Ford’s F-Series pick-up truck earned the manufacturer good money despite its mounting issues regarding fuel prices. The American automaker redesigned the truck for 2011, adding a whole new fuel efficient engine range that in the end seemed to pay off.
Ford’s sales increased worldwide with 150,000 units to 1.4 million units, but at the same time their US market shares went down half of point to 16% in the first quarter. "We are not chasing marginal and unprofitable market share,” said Chief Financial Officer Lewis Booth.