Ford reports $2.1 billion profit for Q1 2010

Ford Motor Company today reported its first quarter 2010 net income of $2.1 billion, its fourth quarterly profit in a row, but remained cautious about the future as the global auto industry continues to deal with excess capacity.

Dearborn-based Ford, which was the the only one of the once "big three" Detroit automakers that managed to narrowly escape bankruptcy protection last year, posted its largest pre-tax operating profit in six years.

''The Ford team around the world achieved another very solid quarter, and we are delivering profitable growth,'' said Ford president and CEO Alan Mulally. ''Our plan is working, and the basic engine that drives our business results – products, market share, revenue and cost structure – is performing stronger each quarter, even as the economy and vehicle demand remain relatively soft.''

The North American market was very profitable for Ford, but it also did well in South America, Europe and Asia.

Ford North America posted first quarter pre-tax operating profit of more than $1.2 billion, a $1.9 billion improvement from first quarter 2009, while its operations in South America, Europe and Asia Pacific Africa as well as Ford Credit also posted pre-tax operating profits in the first quarter and improved results over the same period in 2009.

Ford's first quarter revenue was $28.1 billion, up $3.7 billion from the same period a year ago. The automaker said that if Volvo had been excluded from 2009, its automotive revenue would have increased by $7 billion, or more than 30 per cent.