Ford’s first-quarter profit of $2.1bn may be as good as it gets this year as the automaker faces rising costs to introduce new models. Today’s earnings report came with a plan to boost second-quarter production and spurred CEO Alan Mulally to forecast a “solid” 2010 profit, a year ahead of his previous prediction. Future quarters may not be as strong, CFO Lewis Booth said today.
Ford say second-quarter production in North America will be 625,000 vehicles, a 5% increase from the plan announced March 2. Output will rise 39% compared with a year earlier.
A 37% surge in U.S. sales in the first quarter more than doubled the industry-wide increase, helping Ford add domestic market share at the fastest pace in 33 years after becoming the only major U.S. automaker to avoid formal bankruptcy in 2009.
