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Ford's 1Q net income doubles on truck, SUV sales


Created: 04/28/2016 8:22 AM

DEARBORN, Mich. (AP) — Ford Motor Co.'s net income more than doubled to $2.5 billion in the first quarter on strong sales of trucks and SUVs in North America.

The company's pretax profit of $3.8 billion was a record. Worldwide sales rose 10 percent to 1.7 million.

Demand for SUVs and trucks offset lower sales in South America. U.S. sales of the Ford Explorer SUV rose 39 percent in the first quarter.

Ford's results trounced Wall Street's forecasts. The Dearborn, Michigan-based automaker earned 61 cents per share in the January-March period, up from 29 cents a year ago. Excluding one-time items, Ford earned 68 cents per share. Analysts polled by FactSet forecast earnings of 47 cents per share.

Ford's revenue rose 11 percent to $37.7 billion. Analysts had forecast revenue of $35.59 billion.

(Copyright 2016 by The Associated Press. All Rights Reserved.)

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