S&P 500 (NYSE:SPY) component Ford Motor Company (NYSE:F) reported net income above Wall Street’s expectations for the first quarter. Ford Motor Co. is an automaker that sells its cars and trucks throughout the world.
Ford Motor Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the auto manufacturer rose to $2.56 billion (61 cents/share) vs. $2.08 billion (50 cents/share) in the same quarter a year earlier. A rise of 22.6% from the year earlier quarter.
Revenue: Rose 0.1% to $31.6 billion YoY.
Actual vs. Wall St. Expectations: F beat the mean analyst estimate of 50 cents/share. Estimates ranged from 36 cents per share to 60 cents per share.
Quoting Management: “Our team delivered a great quarter, with solid growth and improvements in all regions,” said Alan Mulally, Ford president and CEO. “We continue to accelerate our One Ford plan around the world, delivering on our commitments to serve our global customers with a full family of best-in-class vehicles and deliver profitable growth for all, despite uncertain economic conditions.” “Our progress toward delivering profitable growth for all will continue as we aggressively manage short term challenges and opportunities,” said Mulally. “We expect our annual volumes to continue to grow substantially, driven primarily by our growing product strength, a gradually strengthening global economy and an unrelenting focus on improving the competitiveness of all of our operations.”
Key Stats: A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 8.5% in the fourth quarter of the last fiscal year and fell 3.2% in the third quarter of the last fiscal year.
Competitors to Watch: General Motors Company (NYSE:GM), Toyota Motor Corp. (NYSE:TM), Honda Motor CO., Ltd. (NYSE:HMC), AutoZone (NYSE:AZO), CarMax (NYSE:KMX), Tesla Motors Inc (NASDAQ:TSLA), Tata Motors Limited (NYSE:TTM) and Navistar Intl. Corp. (NYSE:NAV).
Today’s Performance: Shares of F are trading at $16.00 as of April 26, 2011 at 8:10 AM ET, up 2.96% from the previous close of $15.54.