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Ford beats on first-quarter earnings, stock surges

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Ford posted lower profit for the first quarter but beat analyst estimates as pickup truck sales remained strong in its core US market.

Once again, a strong pickup and SUV market in the US powered Ford's results.Ford on Thursday posted lower profit for the first quarter but beat analysts' estimates as pickup truck sales remained strong in its core US market.

The No. 2 American automaker posted a quarterly net profit of $1.15 billion, or 29 cents per share, down 34 percent from $1.74 billion, or 43 cents per share, a year earlier. Excluding one-time items, Ford earned 44 cents per share, above analysts' average estimate of 27 cents, according to IBES data from Refinitiv.Get the latest Ford stock price

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Ford jumps 8% on strong first-quarter earningsThe quarterly numbers come amid Ford's $11 billion restructuring plan, with an aim to slash costs by $14 billion over the next five years.
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