According to The Detroit News, Ford has officially announced its fourth straight profitable quarter in a row. The company managed to make $2.1 billion in profits over the first three months of 2010, thanks largely to a rapid increase in sales during the first part of the year. The company saw North American sales increase by around 39 percent compared to a year ago. At the same time, business is booming in China, where the Blue Oval managed to move around 84 percent more vehicles.
All of this is good news for stock holders, as the company was trading at $14.57 per share on Monday – its highest price in a year. As a result, Ford is planning on upping production in our neck of the woods. Dearborn would like to crank out 625,000 vehicles in the second quarter – a nine percent increase over the first three months of the year – though it isn't ready to say whether or not that means adding any more workers.
Despite the boom, Ford is careful to point out that the rest of the year probably won't look as sharp as the first quarter. Though the Fiesta is scheduled to hit the market soon, the threat of higher interest rates is looming on the horizon and Ford still has a heady $34.3 billion in debt to deal with. The company hasn't said what its plans are concerning paying off the rest of its debt load.
[Source: The Detroit News | Image: Bill Pugliano/Getty]