Ford Motor Company reported an increase in income from this quarter as compared to last year. This past quarter, they brought in $2.55 billion worth of net income, which divides out to 61 cents per share. In the same quarter one year ago, they earned $2.09 billion net income, which was equivalent to 50 cents per share.

This advance in earnings exceeds the expectations posted by Thomson Financial Network, which forecasted the company would again have earnings of 50 cents per share.

Ford’s CEO and President, Alan Mulally stated in a press release, “Our team delivered a great quarter, with solid growth and improvements in all regions. We continue to accelerate our One Ford plan around the world, delivering on our commitments to serve our global customers with a full family of best-in-class vehicles and deliver profitable growth for all, despite uncertain economic conditions”.

Ford, which is the second-largest producer of automobiles in the United States, will see $4 billion more in expenses for things like engineering, new product development, commodities, advertising and manufacturing this year. In addition, their earnings from their Ford Credit finance program will go down by $1.1 billion due to credit-loss reserves and lease depreciation.