Ford revenues up 13 per cent

Ford's quarterly profit beat Wall Street expectations helped by higher prices and improved sales in North America.

Ford's quarterly profit beat Wall Street expectations helped by higher prices and improved sales in North America.

In North America, Ford's pre-tax profit rose 0.5 per cent to $1.91 billion.

North America was the only global region where the company's profit improved. In Europe, where Ford's performance has been lagging in recent quarters, its pre-tax profit was trimmed nearly in half to $176 million.

Ford shares rose 2.3 per cent in early trading today at $13.47 per share.

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The company did not alter its North American production outlook or its 2011 US car sales forecast.

Excluding one-time items, Ford's quarterly profit fell to 65 cents per share from 68 cents a year ago.

Revenue rose 13 per cent to $35.5 billion.

Net income fell to $2.4 billion in the quarter, or 59 cents per share, from $2.6 billion, or 61 cents per share.

Ford has posted eight straight quarterly net profits after recording net losses totaling $30 billion from 2006 through 2008 when it cut jobs, sold unprofitable brands and reshaped a line-up laden with large SUVs and pickup trucks.

Reuters