Ford Motor Co. (NYSE: F) said Tuesday that its first-quarter profit climbed to $2.6 billion, or 61 cents a share, from $2.1 billion, or 50 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 62 cents a share in the latest quarter. Total company revenues rose to $33.1 billion from prior-year quarter's $28.1 billion. Analysts, on average, expected the company to report earnings of 50 cents per share on revenue of $30.64 billion.
Ford said that it continued to reduce Automotive debt with an additional $2.5 billion of net debt reductions in the first quarter as a result of the redemption of all outstanding Trust Preferred Securities.
"Our team delivered a great quarter, with solid growth and improvements in all regions," said Alan Mulally, Ford president and CEO. "We continue to accelerate our One Ford plan around the world, delivering on our commitments to serve our global customers with a full family of best-in-class vehicles and deliver profitable growth for all, despite uncertain economic conditions."
Ford shares rose more than 2% in Tuesday's pre-market trading.
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