Ford Posts $100 Million 1Q Profit

Ford Motor Co. said Thursday it posted a $100 million profit in the first quarter, led by strong results from Europe and South America that helped offset slumping U.S. sales, the Associated Press reported.

The period was Ford’s first profitable quarter since the second quarter of 2007, when it earned $750 million, AP said. Ford reported a full-year loss of $2.7 billion last year, and cautioned that the rest of this year will be difficult.

Ford said it earned 5 cents a share. It lost $282 million, or 15 cents a share, in last year’s first quarter. Excluding special items, the company said it earned $525 million after taxes, or 20 cents per share.

The No. 2 U.S.-based automaker said its latest round of early retirement and buyout offers would include 4,200 hourly workers, fewer than it had targeted, AP reported.

Ford also lowered its industrywide U.S. vehicle sales forecast for the full year to a range of 15.3 million to 15.6 million, AP said. In January it had expected full-year sales of 16 million.