Ford Motors just had its best quarter in 113 years

Ford Q1 Sales

Ford Motor’s profits more than doubled in the first quarter of 2016, breaking a 113-year old record at the automaker.

The company was lifted by strong US sales and improving conditions in its European division.

Ford’s European profit during the first quarter topped all of the company’s European earnings during all of 2015.

The company’s worldwide sales totals increased by 10% last quarter to 1.7 million vehicles and revenue of $38 billion.

Net income at the company increased to $2.5 billion from $1.2 billion a year earlier.

Automotive operating profit also more than doubled to nearly 10%.

Ford has increased its auto sales by 8% in the first three months, outpacing both GM and Toyota.

The company’s profits have been helped by an increase in SUV and truck sales, both which tend to sell in higher volumes because of low gas prices.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.