DETROIT (AP) — Ford Motor Co.'s first-quarter net income fell 24% from a year ago as the company’s combustion engine vehicle unit saw revenue and sales decline. The Dearborn, Michigan, automaker said Wednesday it made $1.33 billion from January through March, compared with $1.76 billion a year earlier. Excluding one-time items, Ford made 49 cents per share, enough to beat analyst estimates of 43 cents, according to FactSet. Revenue for the quarter was up 3.2% to $42.78 billion, but that fell short of Wall Street estimates of $42.93 billion. Ford Blue, the combustion engine unit, made $905 million before taxes, down $1.7 billion from a year ago. Revenue was down 13%. The company blamed the declines on lower inventories and selection of F-150 pickups due to updating factories for a new model. Chief Financial Officer John Lawler told reporters Wednesday that Ford will recover sales volume and selection later in the year, positioning the company for strong earnings. |
E China's Jinzhai County promotes industrial integration, agroXi Extends Condolences over Disastrous Heavy Rains in RwandaRussian Scholars Say Xi Jinping's Economic Thought Offers Wisdom to Global DevelopmentXi Story: Agricultural Science, Technology Carry the Weight of Food SecurityView of tea garden in China's HubeiFirst ShangriE China's Jinzhai County promotes industrial integration, agroXi Meets Representatives to 10th Conference for Friendship of Overseas Chinese AssociationsE China's Jinzhai County promotes industrial integration, agroXi to Chair China