News Summary: Ford 1Q profit up 15 pct to $1.6b

AP News
Posted: Apr 24, 2013 5:01 PM

FORD RESULTS: Ford Motor Co.'s first quarter profit rose 15 percent to $1.6 billion thanks to record North American earnings of $2.4 billion and growing sales in China. Ford earned 40 cents per share on revenue of $35.8 billion, beating Wall Street's expectations.

TROUBLE SPOTS: Ford lost $462 million in Europe, where its sales fell 20 percent. It also lost money in South America.

WHAT'S NEXT: Ford expects sales gains in China, where it's introducing four vehicles this spring. The company expects 2013 pretax earnings to be about equal to the $8 billion it reported in 2012.