The company's Q1 results were boosted by record pre-tax profits of $3.3 billion for the automotive sector, and a record automotive operating margin of 9.8 percent.
DETROIT, MI - Ford Motor Co. on Wednesday reported a pre-tax profit for the first quarter of $3.8 billion, a rise of $2.1 billion from the year-ago period and a record for the Dearborn automaker.
Ford's net earnings hit $2.5 billion, up $1.3 billion. Revenues totaled $37.7 billion, up $3.8 billion from the first quarter of 2015.
"The first quarter was an absolutely terrific start to the year - an all-time record for the company, with very strong performance across the business," Ford President and CEO Mark Fields said in the Q1 earnings release. "We're excited about our future and confident in our ability to deliver long-term growth and profitability, as we expand our business model to be both an auto and a mobility company."
The company's Q1 results were boosted by record pre-tax profits of $3.3 billion for the automotive sector, and a record automotive operating margin of 9.8 percent.
Pre-tax profit and operating margin in North America both hit record levels in the period, but Ford was also profitable outside North America overall, despite losing money in South America and the Middle East & Africa.
In Europe, Ford recorded its fourth consecutive quarterly profit and its best overall quarter since 2008.
The company said its global market share grew 20 basis points to 7.1 percent.
In the first quarter, Ford distributed $1.7 billion to shareholders, including a supplemental dividend of $1 billion.
For the full year, Ford said it expects sustained, strong results with profitability across all parts of its business, with the exception of South America.
"We expect 2016 to be a great year, and we plan to continue rewarding our shareholders through both supplemental and regular dividends as a part of our
distribution strategy," company EVP and CFO Bob Shanks said.