Ford Revs in First Quarter
Our thesis that recovering global auto volume will boost profits is intact.
The company crushed consensus earnings per share estimates of $0.50 with adjusted EPS of $0.62 and GAAP EPS of $0.61. The largest special item was a $60 million charge to redeem all of the trust preferred securities in March, as previously announced. Every geographic segment posted improved pretax profit from the first quarter of 2010, and automotive net cash increased to $4.7 billion, a $3.3 billion improvement from the end of 2010. Revenue for the quarter also easily beat expectations by coming in at $33.1 billion, up from $28.1 billion in the year-ago quarter.
David Whiston does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.