Ford earnings rose 156% in 1st quarter

April 29, 1993|By Knight-Ridder News Service

CHICAGO -- Ford Motor Co. said yesterday that first-quarter earnings rose to $572 million, or $1.02 a share, from $223 million, or 36 cents a share, before extraordinary items a year earlier.

Last year's results exclude accounting rule changes; including the cumulative effects of those changes, Ford reported a loss of $6.7 billion, or $13.85 a share, in the first quarter.

Revenues in 1993's first quarter climbed to $26.763 billion, from $24.558 billion.

The first-quarter gain was only the second quarterly profit for Ford since the third quarter of 1990.

"We are seeing continuing signs of a slow recovery in the U.S. . . . [but] around the world, we are still grappling with weak economies, intense competition and excess industry capacity, all of which make achievement of improved financial results more difficult," Ford Chairman Harold A. Poling said in a prepared statement.

Ford's share of the U.S. vehicle market rose 1.6 percentage points, to 25.7 percent, and its share of the car market rose 2.4 points from last year, to 23.5 percent, Ford said.

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