Alex Davies / Business Insider
Ford's Q1 earnings results are out.
The company reported earnings of $0.41 per share, beating consensus estimates for $0.38 EPS.
Revenues came in at $35.8 billion, also ahead of expectations.
The stock is currently up 2.3% in pre-market trading.
Below is a summary of the data from the release:
DEARBORN, Mich., April 24, 2013 /PRNewswire/ --
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Strong total company pre-tax profit was $2.1 billion, or 41 cents per share, a decrease of $147 million from a year ago; 15thconsecutive quarter of profitability
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Net income was $1.6 billion, or 40 cents per share, an increase of $215 million compared with a year ago
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Positive Automotive operating-related cash flow was $700 million for the quarter — the 12th consecutive quarter of positive cash flow — with strong liquidity of $34.5 billion, unchanged from year-end 2012
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Wholesale volume and total company revenue each grew about 10 percent compared with a year ago, including market share gains in North America and Asia Pacific Africa
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North America pre-tax profit was 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 — with an operating margin of 11 percent. Ford also reported a small pre-tax profit for Asia Pacific Africa, and losses in Europe and South America
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Ford Credit continued its solid performance with a first quarter pre-tax profit of $507 million
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For full year 2013, the company's guidance remains unchanged — Ford expects another strong year, with total company pre-tax profit about equal to 2012, operating margin about equal to or lower than 2012, and Automotive operating-related cash flow higher than 2012
Ford Motor Company [NYSE: F] today reported first quarter 2013 pre-tax profit of $2.1 billion, driven by record results from North America and continued solid performance from Ford Credit.
Total company first quarter pre-tax profit of $2.1 billion, or 41 cents per share, was $147 million lower than a year ago, more than explained by Europe and South America. Net income for the first quarter of $1.6 billion, or 40 cents per share, was $215 million higher than a year ago.
Ford generated positive Automotive operating-related cash flow of $700 million in the first quarter — the 12th consecutive quarter of positive performance — with strong liquidity of $34.5 billion unchanged from year-end 2012.
As part of Ford's previously announced strategy to de-risk its pension obligations, the company made $1.8 billion in cash contributions to its worldwide funded plans during the quarter. This included $1.2 billion of discretionary contributions, in line with Ford's long-term pension de-risking strategy.