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Ford profits rise on strong North America

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(Globalpost/GlobalPost)

US auto giant Ford Wednesday reported a solid increase in quarterly earnings thanks to a strong performance in North America, which offset weakness in Europe.

Ford reported net earnings of $1.6 billion, 15.4 percent higher than in the year-earlier period of $1.4 billion. Revenues came in at $35.8 billion, up 10.5 percent from the year-ago period of $32.4 billion.

Ford's results included a 19.9 percent increase in revenues from North America, a division for which the pre-tax profit came in at the highest level since the company began reflecting the unit as a separate business entity.

Ford revenues were also higher in Asia Pacific.

But Ford continued to struggle with weakness in Europe. Revenues in Europe sank 6.9 percent compared with the prior-year and the division sustained a $462 million loss for the quarter.

"We continue to expect 2013 to be another strong year, as we go further in strengthening our global product lineup and improving the competitiveness of our operations," said Ford chief executive Alan Mulally.

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http://www.globalpost.com/dispatch/news/afp/130424/ford-profits-rise-strong-north-america