News Column

Ford Posts Record Profits in North America, Losses in Europe

April 24, 2013
Ford Profits

US car manufacturer Ford Motor posted its best profits in more than a decade in the first quarter of the year, the company said Wednesday, driven by strong demand in North America.

Ford reported net income of 1.61 billion dollars, up from 1.4 billion a year earlier, while revenue increased to 35.8 billion dollars from 32.4 billion.

Profits in its North America division were 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.

The surging growth in North America overset losses in South America and Europe.

Ford said it posted a 462 million dollar loss in Europe for the quarter and is on track to lose 2 billion dollars in the division in 2013. The company blamed restructuring costs, unfavourable currency exchange and the continent's ongoing economic woes for the weak sales.

Ford has already closed plants in Britain and Belgium, with plans to shut others.

For more coverage on the automotive industry, please see HispanicBusiness' Auto Channel

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters