DETROIT, May 19 (Reuters) - Ford Motor Co. on Wednesday said it was on track to achieve its mid-decade target of $7 billion pre-tax profit.
In slides prepared for a presentation to analysts, Ford said that it is also on track to launch 40 products this year, with particular focus on cars.
The No. 2 U.S. automaker had previously raised its full-year earnings forecast to between $1.50 and $1.60 a share after posting stronger-than-expected first-quarter earnings. Ford expects pre-tax profits in the range of $4.4 billion and $4.7 billion in 2004.
The Dearborn, Michigan-based automaker is in the midst of a turnabout plan that was launched more than two years ago.
The company's net earnings more than doubled to $1.95 billion, or 94 cents a share, in the first quarter.