Ford Hits Q1 Records
April 28, 2016—Ford announced Thursday that its first-quarter performance in 2016 set new company records for Q1 pre-tax profits and overall results in North America, much of the success coming due to high sales of the F-150 and its SUVs.
The success of the aluminum-bodied F-150 pickup, as well as SUV and Transit sales, helped wholesales reach 814,000 in North America, up 136,000 vehicles year over year.
“The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business. We’re excited about our future and confident in our ability to deliver long-term growth and profitability, as we expand our business model to be both an auto and a mobility company,” Ford president and CEO Mark Fields said.
Pre-tax profits were $3.8 billion, up $2.1 billion from 2015. Net income was up $1.3 billion to $2.5 billion. Revenue was up $3.8 billion to $37.7 billion.
“The first quarter was outstanding, and we are confident in our ability to drive strong results globally. We expect 2016 to be a great year, and we plan to continue rewarding our shareholders through both supplemental and regular dividends as a part of our distribution strategy,” Bob Shanks, executive vice president and chief financial officer, said.