Ford posts better than expected results in 1Q
Ford earnings fell in the first quarter, but the automaker’s shares rallied in extended trading as Ford said a restructuring is starting to take hold.
Net income for the first three months of the year fell 34 percent to $1.15 billion, weighed down by charges totaling nearly $600 million. Adjusted profit totaled 44 cents per share. Revenue fell to $40.34 billion.
On average, analysts surveyed by FactSet expected earnings per share of 27 cents on revenue of $40.3 billion.
The Dearborn, Michigan-based automaker said Thursday its market share in North America improved, while its European operations swung to a profit.
Ford Credit posted its best quarterly result since 2010, driven by favorable lease residual values and credit loss performance.
In after-hours trading, Ford shares jumped 6.8%.