Ford beats, has best-ever quarter for profits

Ford reported first-quarter earning on Thursday, and they beat expectations.

The car maker earned $0.68 per share on revenue of $37.7 billion. Analysts had expected $0.48 per share.

It was Ford's best-ever quarter, the company said, with a pre-tax profit of $3.8 billion and net income of $2.5 billion.

Ford joined General Motors and Fiat Chrysler Automobiles - the Detroit "Big Three" - in reporting substantially better earnings than expected in the first quarter.

The US auto market has been booming. Cheap gas, flowing credit, and a stronger economy have all helped automakers sell a lot of profitable pickup trucks and SUVs, banking profits and bolstering their balance sheets.

Ford is particularly well positioned for the current market dynamics. It's F-150 full-size pickup has long been the bestselling vehicle in the US.

"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," said CEO Mark Fields in a statement.

"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."