Ford Posts First Quarter 2010 Net Income of $2.1 Billion

DEARBORN, Mich., April 27 /PRNewswire-FirstCall/ -- Ford reported first quarter net income of $2.1 billion, or 50 cents per share, a $3.5 billion improvement from first quarter 2009. Pre-tax operating profit was $2 billion, or 46 cents per share, a $4 billion improvement from first quarter 2009.

Ford Automotive operations posted first quarter pre-tax operating profit of $1.2 billion, a $3.2 billion improvement from first quarter 2009. Ford North America reported first quarter pre-tax operating profit of more than $1.2 billion, a $1.9 billion improvement from first quarter 2009. Ford Europe earned a pre-tax operating profit of $107 million, a $692 million improvement from a year ago.

Revenue for the quarter totaled $28.1 billion, a $3.7 billion improvement from first quarter 2009. Strong response to new vehicles drove the largest quarterly U.S. market share gain since 1977.

The company ended the quarter with $25.3 billion of Automotive gross cash, with operating-related cash outflow of $100 million. Ford ended the quarter with $34.3 billion in Automotive debt.

Ford Motor Credit Company reported first quarter pre-tax operating profit of $828 million, an $864 million improvement from first quarter 2009

Based on its improving performance, the gradually strengthening economy, and its present assumptions, Ford now expects to deliver solid profits this year with positive Automotive operating-related cash flow.

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