Ford announced today that the automaker posted a $100 million profit for Q1 2008, which is a $382 million increase over the same period last year. Most of the profit can be attributed to strong sales in Europe and South America, which helped offset the declining US market.
Ford posted a pre-tax gain of $739 million in Europe and $257 million in South America. Unfortunately North America posted a pre-tax loss of $45 million, but on the up side it was an improvement over the same period last year where Ford lost $613 million.
“The improvement reflected cost reductions of $1.2 billion, including lower structural and product costs,” Ford said in a statement. “These improvements were partly offset by unfavorable volume and mix, and net pricing.”
With strong sales in Europe and South America, Ford’s remaining challenge is to improve its US operations and return it to profitability by 2009.
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