Ford posts $2.1 billion 1Q profit on strong sales

DEARBORN, Mich. (AP) — Ford Motor Co. said today it earned $2.1 billion in the first quarter, another sign the economy is improving as people spend more on big-ticket items like cars.

The automaker expects to be solidly profitable this year, a year earlier than its previous guidance.

Ford said its net income per share was 50 cents for the quarter. That's an about-face from the same period last year when it lost $1.4 billion, or 60 cents per share, at the height of the recession.

It was Ford's fourth straight positive quarter and its highest quarterly profit in six years.

Ford, the only Detroit-area automaker to shun government aid and stay out of bankruptcy protection last year, gained market share from crosstown rivals General Motors Co. and Chrysler Group LLC.

It also benefited from Toyota Motor Corp.'s safety recalls of millions of vehicles. Ford was one of the top brands considered by Toyota owners who were shopping for a new car, Kelley Blue Book said.