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Ford roars past 1Q forecasts
No. 2 automaker more than doubles Wall Street forecasts as it reverses year-earlier losses.
April 16, 2003: 8:01 AM EDT

NEW YORK (CNN/Money) - Ford Motor Co. drove well past the most optimistic Wall Street forecasts for the first quarter Wednesday, reversing year-earlier losses and saying it is on the path to be well ahead of estimates for the year as well.

Ford reported earnings of $896 million, or 45 cents a share. Analysts surveyed by earnings tracker First Call expected 22 cents in the quarter, with a range of 15 to 30 cents. A year earlier, the company posted an operating loss of $108 million, or 6 cents a share, excluding special items.

Shares of Ford (F: Research, Estimates) gained 35 cents to $8.70 in pre-market trading following the report Wednesday. Shares lost 14 cents to close regular Tuesday trading at $8.35.

The world's No. 2 automaker behind General Motors Corp. said it expects to earn 10 cents a share in the second quarter, which would miss the First Call forecast of 13 cents. But it said it is on track to earn 70 cents a share for all of 2003, which would be well above the First Call consensus forecast of 44 cents. Strong first-quarter results account for most of the upside to the full-year forecast.

The company, whose core auto operations lost money in six of the last eight quarters, returned to the black with pre-tax operating earnings of $659 million, more than $1 billion better than the $370 million loss in that unit a year earlier. The North American unit saw pre-tax profit improve to $1.2 billion from $465 million a year earlier, while overseas operations narrowed their pre-tax loss to $353 million from $469 million.

Ford Credit results also improved, with net income of $442 million, more than double the $186 million of a year earlier. The company's Hertz rental car unit lost $59 million, the same as in the year-earlier period.

Worldwide automotive revenue improved by $2 billion from $32.2 billion. Company-wide revenue rose to $40.9 billion from $39.9 billion a year earlier.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.