Here are some first quarter performance highlights from Ford Motor Co.’s conference call with analysts and investors Wednesday morning
10. Ford Explorer (courtesy image)Here are some first quarter performance highlights from Ford Motor Co.’s conference call with analysts and investors Wednesday morning:
North America
The company performed better than expected in North America, where it was profitable for 15th consecutive quarter. The company’s market share there grew to 15.9 percent, from 15.3 percent in the 4th quarter of 2012, with sales of the Ford Fusion aiding growth.
Pre-tax profit in the market grew to $2.4 billion, from $2.1 billion in the first quarter of 2012.
Ford sold 761,000 units at wholesale in North America during the quarter, compared to 651,000 units sold in the first quarter of 2012. Revenues grew to $22.3 billion, from $18.6 billion a year ago.
South America
In South America, the company reported a pre-tax loss of $218 million, which it blamed on higher costs stemming from an unfavorable currency exchange rate in Venezuela. Ford sold 113,000 units at wholesale in the quarter, down from 118,000 a year ago. Its market share shrunk to 9.1 percent, from 9.4 percent a year ago.
The company is introducing an updated Fiesta to the Brazilian market this year.
Europe
In Europe, where Ford is in the midst of restructuring, it had a pre-tax loss of $462 million, compared to $149 million loss a year ago. Market share in Europe fell to 7.7 percent in the Q1, down from 8.5 percent in year ago period.
Ford expects a $2 billion loss in Europe this year. "Recent economic indicators are mixed," company Chief Financial Officer Bob Shanks said of region.
Ford executives noted during the conference call that all automakers are struggling in the region, where many countries’ economies have been sluggish after the global recession.
Asia-Pacific and Africa
In the Asia-Pacific and Africa region, pre-tax profits were $6 million, compared to a $95 million loss a year ago. Market share in Asia-Pacific and Africa grew to 3.0 percent in the first quarter, from 2.3 percent a year ago.
Revenues in Asia-Pacific grew to $2.6 billion, from $2.3 billion in the first quarter of 2012.
The company remains bullish on this market, especially in China and India, where it continues to invest in production facilities.