Ford books $1.4B, profits dragged down by Europe and Asia

[MummyChunk]

From AB



FORD EARNS FIRST QUARTER PRE-TAX OPERATING PROFIT OF $2.3 BILLION AND
NET INCOME OF $1.4 BILLION +

First quarter pre-tax operating profit was $2.3 billion, or 39
cents per share, a decrease of $544 million from first quarter 2011.
Ford has posted a pre-tax operating profit for 11 consecutive
quarters
First quarter net income was $1.4 billion, or 35 cents per share,
a decrease of $1.2 billion from first quarter 2011. About half of the
decrease is due to higher tax expense in first quarter 2012, with the
balance reflecting lower operating results and increased special
charges
Automotive pre-tax operating profit was $1.8 billion for the first
quarter, a decrease of $294 million from first quarter 2011
North America pre-tax profits were $2.1 billion, an increase of
$289 million from first quarter 2011. This is the highest quarterly
profit since at least 2000 when the company started reflecting North
America as a separate business unit
Ford Credit reported a pre-tax operating profit of $452 million
for the first quarter, a decrease of $261 million from first quarter
2011
Revenue was $32.4 billion in the first quarter, a decrease of
about $700 million from first quarter 2011
Ford generated positive Automotive operating-related cash flow of
about $900 million in the first quarter. Ford had Automotive gross
cash of $23 billion as of March 31, 2012
Automotive debt was $13.7 billion at the end of the first quarter,
a decrease of $2.9 billion from first quarter 2011
Automotive gross cash exceeded debt by $9.3 billion, a net cash
improvement of $4.6 billion compared to first quarter 2011
Ford ended the first quarter with $32.9 billion in total
Automotive liquidity
Ford plans to offer a voluntary lump-sum payment option to
eligible U.S. salaried retirees and U.S. salaried former employees to
settle future pension obligations
Ford continues to expect solid results for 2012, with total
company pre-tax operating profits about equal to 2011.