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.
Related articles:
Related suggestion:
Nearly 80 die in 3 weeks at Myanmar refugee camps: aid workers — Radio Free AsiaThis week: economic growth, unemployment, inflation updateTop procuratorate reports legal oversight work in 2023Tesla cuts the price of its "Full Self Driving" system by a thirdDoja Cat closes Coachella in a hairBiden is marking Earth Day by announcing $7 billion in federal solar power grantsTOWIE star Vas J Morgan cuts a casual figure as he steps out in his own activewear brandSupreme Court will hear ghost guns caseA ban on singleHarmonious picture of human and nature in China's coastal city Xiamen
0.1794s , 6491.2890625 kb
Copyright © 2024 Powered by Ford's 1Q net income falls 24% as combustion engine unit sees sales and revenue decline ,Culture Currents news portal