Ford reported improved earnings helped by a record quarter in its home market.
NEW YORK (CNNMoney)
Ford earned $1.6 billion in the first three months of the year, up 15% from a year earlier.
Ford, second in U.S. sales behind rival General Motors (GM, Fortune 500), said it made a pretax profit of $2.4 billion in North America -- the best performance in the region since the automaker started breaking out its numbers in 2000. Sales in North America rose jumped nearly 20%.
But the company lost $462 million in Europe, more than triple its year-earlier loss. Ford has announced plans to close two U.K. plants, along with a third plant in Belgium, to try to stem European losses. But those plant closings won't take effect until later this year or in 2014.
The problems are not unique to Ford, as a worsening European recession has resulted in the worst industry-wide auto sales on the continent in 20 years.
On Wednesday, German carmaker Daimler AG (DDAIF) forecast that earnings for 2013 will be below 2012 levels, after reporting a 60% drop in net profit for the first quarter. Volkswagen (VLKAF) also warned it is struggling with what it called "ongoing uncertainty in the economic environment." But it said it still hopes to match 2012 operating profits this year.
Related: Ford and Toyota feud over whose bigger
The problems for Ford weren't only in Europe. South America swung from a profit a year earlier to a loss in the quarter. But it turned a loss in the Asia/Pacific/Africa region into a narrow profit, and earnings also improved at Ford Credit.
Overall company revenue rose 10.5% to $35.8 billion, as the number of cars sold worldwide rose to 1.5 million.
Shares of Ford (F, Fortune 500), which have lagged broader U.S. markets so far this year, were down in premarket trading following the results, after being higher earlier.
-- CNNMoney's Alanna Petroff contributed to this report
First Published: April 24, 2013: 7:21 AM ET
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