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Ford reports largest Q1 profit since 1998

“Our team delivered a great quarter, with solid growth and improvements in all regions,” said Ford Motor’s Chief Executive, Alan R. Mulally. Ford’s new high mileage, fuel efficient cars, such as the Fiesta subcompact and the Explorer sport utility vehicle, lead the company to US$2.55 billion in sales during the first quarter, up from US$2.09 billion during the same period a year ago. This is Ford’s largest first quarter profit since 1998. Pre-tax earnings were reported at US$1.8 billion, which is a 50% increase. Mullally stated, “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.” On the negative side, the company states that in the Asian and Pacific operations, there was a lost production of between 12,000 to 14,000 new vehicles due to parts shortages after Japan’s Magnitude 9 earthquake and ensuing tsunami. (April 27, 2011)