Ford posts best Q1 profit in 13 years

The company’s net income rose to $2.55 billion compared with $2.09 billion, in the year earlier period. It was the highest first-quarter net income since 1998. Revenue rose to $33.1 billion from $28.1 billion last year. Analysts had expected $29.7 billion.

CEO Alan Mulally has turned the company around since it lost $30 billion from 2006 to 2008 by streamlining business operations including design, production and management of its balance sheet.

Ford said higher commodity costs including oil and gasoline prices may provide a headwind to growth for the rest of the year. Ford Motor Credit Co earned $713 million in the first quarter on a pretax basis. Ford regained its footing in Europe in the first quarter, showing a pretax operating profit of $293 million, up from a profit of $107 million a year ago.

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