CHICAGO Ford Motor Co.
recorded net income of $1.61 billion in the first quarter of
2013, up 15.4 percent year over year, on sales that grew 10.5
percent to $35.8 billion.
"Our strong first-quarter
results provide further proof that our One Ford plan continues
to deliver," president and chief executive officer Alan Mulally
said in an April 24 statement. "Our plan remains centered on
serving customers in all markets around the world."
For the three
months ended March 31, Fords wholesale volume and revenue
were each more than 10 percent higher than a year ago,
primarily due to strong performances in North America and the
Asia Pacific/Africa regions, the company said.
Meanwhile, losses in Europe and
South America contributed to decreases in total automotive
pre-tax profit and operating margins in the quarter, the
North American unit sales
improved 16.9 percent to 761,000 vehicles last quarter,
generating revenues that grew 19.9 percent to $22.3 billion.
Favorable market factors in North America were offset slightly
by higher costs reflecting Fords investment in new
products and growth, as well as higher pension expenses.
Ford made $1.8 billion in cash
contributions to its worldwide funded plans during the quarter
as part of its strategy to mitigate risk in its pension
Fords full-year 2013
guidance for North America remains unchanged, with its pre-tax
profits expected to be equal to that of 2012.
However, the automaker reported a $462-million pre-tax loss
in its European operations, more than triple its $149-million
loss in the same period last year. The company also lost $218
million in its South American operations, compared with a
$54-million gain a year ago.