American automobile giant Ford Motor Company (F) reported early on Wednesday a 15% increase in first quarter profits, aided by strong results in North America. Adjusted EPS and revenue topped estimates.
The Dearborn, Michigan-based company said its first quarter net income rose to $1.61 billion, or 40 cents per share, from $1.40 billion, or 35 cents per share, last year.
Excluding a variety of one-time charges, Ford’s earning per share for the quarter rose to 41 cents per share from 39 cents per share last year. According to analysts polled by Thomson Reuters, the company was expected to earn 38 cents per share in the quarter.
Ford’ quarterly revenue rose to $35.8 billion from $32.4 billion in the same quarter a year ago. Analysts were expecting revenues of $33.74 billion from the company.
The company benefited from strong sales in North America, which grew 20% from a year ago to $22.3 billion. North American pre-tax profit was $2.4 billion–the highest quarterly profit since 2000.
Looking forward, he company’s fiscal 2013 guidance for North American remains unchanged, expecting strong performance to continue. The company’s view of Europe remains unchanged as well, however it is less optimistic. Ford expects to see about a loss of $2 billion in the continent.
Ford shares were down 13 cents, or -0.98%, during Thursday morning trading. The stock is up +1.21% year-to-date.
The Bottom Line
Shares of Ford Motor Company (F) have a dividend yield of 3.02% based on Wednesday’s intraday trading price of $13.23 and the company’s annualized dividend payout of 40 cents per share.
Ford Motor Company (F) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here