Ford has reported a $2.1 billion first-quarter profit, beating forecasts, as North American production and sales picked up. The US car maker also raised its 2010 outlook to 'solidly profitable'.
Ford also raised its second-quarter North American production plan and its 2010 outlook for its Ford Motor Credit financing business. It now expects Ford Credit's profit to be about the same as in 2009, up from an earlier forecast of a profit decline.
Chief financial officer Lewis Booth said the results, which included operating profits at all of its car businesses, were encouraging.
He warned, however, that it would be 'unwise' to consider that profits would be generated at the same rate as in Q1 for the full year. Nevertheless, Ford expects 2010 net profit to exceed the first quarter result, he said.
Net profit amounted to $2.1 billion, or 50 cents per share, in the quarter, compared with a year-earlier net loss of $1.4 billion. Revenue rose to $28.1 billion from $24.4 billion.
It was the fourth consecutive quarterly profit for Ford, which also reported a full-year 2009 profit, snapping a streak of annual losses totalling $30 billion from 2006 to 2008. The results excluding once-off items was Ford's highest quarterly pre-tax profit in six years and Ford Credit's highest operating profit since the second quarter of 2005.
The car maker has benefited from improved public perception in part because of the government bail-outs of US rivals General Motors and Chrysler and Toyota's massive vehicle recalls.
Ford's results follow Chrysler's report earlier in April that it made a first-quarter operating profit.
Porsche to recall new coupé model
German sports car maker Porsche is to recall all its 11,324 newly launched four-door Panamera coupés due to possible problems with the seatbelt mounts.
A spokesman said the 'precautionary' recall was because the seatbelt mounts on the Panamera, launched in September 2009, could fail when the front seats are adjusted in an extreme forward position.
