Ford Motor Co posted first-quarter earnings of $2.1 billion, beating analysts? estimates, and boosted its full-year outlook as it reaped the benefits of a recovering auto market and higher prices for cars and trucks. The profit marked Ford?s fourth consecutive quarter of net income, the longest streak since 2005, and compared with a net loss of $1.43 billion a year earlier. Excluding some gains and costs, earnings were 46 cents a share.
BP net profit more than doubles
BP Plc, the energy company battling a 1,000-barrel-a-day leak in the Gulf of Mexico, said profit more than doubled in the first quarter on higher oil prices. Net income jumped to $6.08 billion, or 32 cents a share, from $2.56 billion, or 14 cents, a year earlier, London-based BP said on Tuesday in a statement. Excluding gains or losses from holding inventories and one-time items, earnings beat analyst estimates.
Deutsche Bank profit rises 48%
Deutsche Bank AG, Germany?s biggest bank, reported a 48% increase in first-quarter profit as improved earnings at the investment bank outweighed a loss from asset and wealth management. Net income rose to 1.76 billion euros ($2.35 billion), or 2.66 euros a share, from 1.19 billion euros, or 1.92 euros, in the year-earlier period, the Frankfurt-based bank said in a statement on Tuesday.
Lloyds Group back in black
Lloyds Banking Group, Britain?s largest retail bank, returned to the black in the quarter and expects to deliver a profit in 2010 as losses on bad debts fall.The recovery was quicker than expected for the bailed-out lender, and improved the chances the government will start selling down its 41% stake.Shares in Lloyds are now trading above the average price at which the government bought its shares, raising the prospect of a sale after a UK election on May 6. This (return to profit) is far earlier than expected, said Andrew Lim, analyst at Matrix in London
Daimler AG Q1 profit up
German carmaker Daimler AG says it made a net profit of euro612 million ($817 million) in the first quarter, up from a loss of euro1.3 billion a year earlier. Daimler said on Tuesday the positive first quarter result reflects a continuing upsurge in most of its business lines, with the Mercedes-Benz cars division posting particularly positive earnings
CIT turns profit after exiting bankruptcy
The business lender CIT Group Inc said on Tuesday it turned a profit in its first quarter since emerging from bankruptcy protection. The performance by CIT Group could bode well for small and midsize businesses, many of which rely on CIT Group for financing. The New York company is one of the nation’s largest lenders to small and midsize businesses. CIT Group earned $97.3 million, or 49 cents per share, during the three months ended March 31.
