Ford sees a strong April
The head of the automaker's US business sees rising consumer confidence and higher revenue.
Updated at 1:48 p.m. ET
Ford Motor (F) is "encouraged" by April U.S. sales running ahead of a year earlier and experienced a boost in revenue in the first quarter, the automaker's Americas chief said.
"We're starting to see the economic metrics start to go in the right direction," Americas President Mark Fields said today at an auto-industry breakfast in Detroit. "I'm cautiously optimistic on consumer confidence."
Ford shares were up 0.1% to $12.78 this afternoon.
His comments added to evidence of a rebound in the U.S. auto market after sales slumped to a 27-year low in 2009. Industrywide deliveries rose 24% in March, according to Autodata, and marked a fifth consecutive monthly advance.
"The big question is not so much do we have a recovery, but to what extent and how long will it take?" Fields said.
"Revenues were up" for the quarter, he said without elaborating. Ford may report sales of $28 billion to $30 billion, up from $24.8 billion a year earlier.
Net income for the quarter probably will be $978.8 million, or 30 to 31 cents a share, Bloomberg said. Ford reported a $1.43 billion loss in the first quarter of 2009. The company hasn't said when it will release first-quarter results.
Ford, the only major U.S. automaker to avoid bankruptcy last year, finished the quarter with 17.4% of the domestic market, according to Autodata. The increase of 2.7 percentage points was Ford's largest quarterly gain since the last three months of 1977, Fields said.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] No real buckling in the major indices. They continue to trade near their highs for the session, which were established on the moonshot shortly after the start of trading.
If one needs any indication of the broad-based nature of today's rally, look no further than the Dow Jones Industrial Average, which features gains for all 30 components.
The best-performing Dow component today is Boeing (BA 135.61, +2.88), which, according to a St. Louis Post-Dispatch ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The rollout of the new national health care plan has been far from perfect, but some sectors may get an Obamacare bump.