Ford books $1.4B, profits dragged down by Europe and Asia

From AB
FORD EARNS FIRST QUARTER PRE-TAX OPERATING PROFIT OF $2.3 BILLION AND NET INCOME OF $1.4 BILLION +
First quarter pre-tax operating profit was $2.3 billion, or 39
cents per share, a decrease of $544 million from first quarter 2011. Ford has posted a pre-tax operating profit for 11 consecutive quarters First quarter net income was $1.4 billion, or 35 cents per share, a decrease of $1.2 billion from first quarter 2011. About half of the decrease is due to higher tax expense in first quarter 2012, with the balance reflecting lower operating results and increased special charges Automotive pre-tax operating profit was $1.8 billion for the first quarter, a decrease of $294 million from first quarter 2011 North America pre-tax profits were $2.1 billion, an increase of $289 million from first quarter 2011. This is the highest quarterly profit since at least 2000 when the company started reflecting North America as a separate business unit Ford Credit reported a pre-tax operating profit of $452 million for the first quarter, a decrease of $261 million from first quarter 2011 Revenue was $32.4 billion in the first quarter, a decrease of about $700 million from first quarter 2011 Ford generated positive Automotive operating-related cash flow of about $900 million in the first quarter. Ford had Automotive gross cash of $23 billion as of March 31, 2012 Automotive debt was $13.7 billion at the end of the first quarter, a decrease of $2.9 billion from first quarter 2011 Automotive gross cash exceeded debt by $9.3 billion, a net cash improvement of $4.6 billion compared to first quarter 2011 Ford ended the first quarter with $32.9 billion in total Automotive liquidity Ford plans to offer a voluntary lump-sum payment option to eligible U.S. salaried retirees and U.S. salaried former employees to settle future pension obligations Ford continues to expect solid results for 2012, with total company pre-tax operating profits about equal to 2011.
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