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Ford Announces $989 Million Net Income for First Quarter

Motor Trend logo Motor Trend 4/25/2014 Christian Seabaugh

Ford reported $989 million in net income for the first quarter of 2014, which is a $622 million decrease as compared to the first quarter of 2013. Though Ford says its business is strong, its net income was affected by poor weather in North America, and an economically depressed Europe, among other things.

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Pre-tax profit for the first quarter of 2014 was also down. Ford reported $1.4 billion in profit for the first part of this year, a $765 million decrease versus the same time period last year. Though profit was down, Ford notes that the first quarter of 2014 marks its 19th consecutive profitable quarter.

Ford's quarterly profits were helped along by the Blue Oval's North American, Asian-Pacific, Middle Eastern, and African arms, as well as Ford Credit. Though North American profits were hurt by the Polar Vortex and a handful of safety recalls, overall earnings were strong. Ford of Europe hurt the company overall, though it reduced losses by more than half versus the first quarter of last year. The biggest drain was Ford of South America, which was hit with larger losses this quarter than the first quarter of 2013.

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Rival GM posted its quarterly earnings yesterday. General Motors reported $0.1 billion (or $125 million) in net income, and $1.3 billion in pre-tax profit.

Source: Ford

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