Ford Gains 1% Following Top-And-Bottom Line Q1 Beat

Shares of

were trading higher by more than 1 percent early Thursday morning after the company reported its

Ford said that it earned $0.68 per share in the first quarter on revenue of $37.7 billion. Wall Street analysts were expecting the company to earn $0.48 per share on revenue of $35.7 billion. Net income for the quarter rose $1.3 billion from a year ago to $2.5 billion, aided by the North American segment which recorded a record pre-tax profit and operating margin while Europe delivered its fourth consecutive quarterly profit and best quarter since 2008. North America recorded a best quarter ever pre-tax profit of $3.1 billion, up $1.5 billion from a year ago with a record operating margin of 12.9 percent. Europe's pre-tax profit of $434 million was higher than the entire profit earned throughout 2015. Asia Pacific recorded a pre tax profit of $220 million driven by higher volume and a more favorable mix. South America saw a pre-tax loss of $256 million due to a recession in Brazil and currency devaluation in Argentina. Middle East & Africa saw a pre-tax loss of $14 million and were impacted by the external environment including low oil prices and political strife. Mark Fields, Ford President and CEO said, "The first quarter was an absolutely terrific start to the year – an all-time record for the company, with very strong performance across the business. We're excited about our future and confident in our ability to deliver long-term growth and profitability, as we expand our business model to be both an auto and a mobility company."