NEW YORK, Apr 26 – US automaker Ford said Tuesday first-quarter profit surged 22 percent from a year ago despite higher commodity prices.
Ford reported $2.55 billion profit for the first three months of the year "as fuel-efficient new products, continued investment in global growth and the strengthening of Ford\’s core business boosted results."
Earnings per share of 61 cents were up 22 percent from the same period in 2010, the company said in a statement.
Ford said its automotive business is gaining traction from growth in both volume and per-unit net revenue.
"This revenue growth, along with scale benefits from increasing volume, are driving improvements in profitability and operating margin — despite higher commodity costs and planned cost increases associated with the investments Ford is making in its products, brand and future growth," the Dearborn, Michigan-based firm said.
"Our team delivered a great quarter, with solid growth and improvements in all regions," Ford chief executive Alan Mulally said in the statement.
