From Deutsche Presse-Agentur
DETROIT – Ford Motor Co. reported Thursday that it returned to the black in the first quarter of 2008, thanks to rigorous cost-cutting and restructuring.
The Dearborn, Mich.-based carmaker posted net earnings of $100 million in the first quarter of 2008, compared with losses of $282 million in the first quarter of 2007.
The earnings came on sales of $39.4 billion, down from $43 billion in the first three months last year, Ford said.
Ford President and CEO Alan Mulally commented, "The results of this quarter are encouraging, particularly our outstanding performance in Europe and South America."
Noting that Ford had "substantially restructured" its business operations, Mullaly said "the restructuring in North America is taking hold and we will continue to take actions to stay on our plan. The remainder of 2008 will be a challenge, but we are cautiously optimistic despite the external challenges."
Ford said that it reduced its costs by $1.7 billion in the first quarter, with $1.2 billion of those savings coming in North America.
