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Ford turns corner with Q1 profits?

Ford Motor Company has reported net income of $896 million for the first quarter of 2003.

This compares with a net loss of $1.1 billion in the first quarter of 2002.

The loss from continuing operations in the first quarter of 2002 was $80 million. Income before taxes was $1.3 billion during the first quarter of 2003, compared with a $27 million loss in the first quarter of 2002.

Ford's first quarter revenue rose to $40.9 billion, from $39.5 billion during last year's first quarter. Worldwide vehicle unit sales in the 2003 first quarter were 1,726,000, up 3 per cent from 1,675,000 a year ago.

"Our first quarter performance demonstrates that the acceleration of our cost-cutting actions and the management team's focus on improving our core business are making a difference," said Bill Ford, chairman and CEO.

During the first quarter, Ford's corporate US market share was 21.2 per cent, compared to 20.7 per cent a year earlier.

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