Ford reported a pre-tax operating profit of $2bn, an improvement of $4bn from a year ago. It marked Ford’s highest quarterly pre-tax operating profit in six years.
Ford North America posted a first-quarter pre-tax operating profit of more than $1.2bn, a $1.9bn improvement from first-quarter 2009. Ford 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.
At the end of March, Ford entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group for $1.8bn. The sale is expected to close in the third quarter of 2010. As a result of the agreement to sell Volvo, all of Volvo’s 2010 results are being reported as special items and excluded from Ford’s operating results.
Ford’s first-quarter revenue was $28.1bn, up $3.7bn from the same period a year ago. If Volvo had been excluded from 2009, automotive revenue would have increased by $7bn, or more than 30 per cent.
First seven members join NG’s Great Grid Partnership
Agreed. It is all pretentious posturing and trite branding with no meaning or gravitas. Prepare to be disappointed by all of these greats/grates.