Ford Motor Company recently reported its 2016 first quarter financial results where it posted the highest quarterly pretax profit in its 113-year history as its European operations earned more in the first three months than in all of 2015 and the automaker reported its best-ever results in North America. Before taxes, Ford’s profit for the quarter was USD3.8 billion, up from USD1.7 billion a year earlier. Total company revenue increased 11 percent to USD37.7 billion. Ford’s first-quarter net income more than doubled to USD2.5 billion.
Ford’s pre-tax profit in Europe was USD434 million, compared with a USD42 million loss in the same period a year ago. It achieved an operating margin of 6.3% in the region during the quarter, compared with a 2.9% operating loss during the same period last year. Ford reported a full-year profit of USD259 million in Europe last year and expects to exceed that figure in 2016.
The automaker earned USD3.1 billion in North America, where it achieved a record operating margin of 12.9 percent. The operating profit was equal to 68 cents a share, beating analyst expectations of 48 cents. Automotive operating-related cash flow quintupled to USD2.7 billion, a first-quarter record.
