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:
Liaoning lead title contenders into CBA playoffsEberl ringing alarm bells for Bayern ahead of Arsenal duelPremier League enters its most intriguing title raceVillagers embrace rural tourism in north China's HebeiCambodia plans to add 7 tangible, 3 intangible cultural properties to UNESCO's heritage listing: PMNorth China's Inner Mongolia launches ancient books database platformTsitsipas advances in MonteTikTok star Davis Clarke goes viral after appearing to soil himself during Boston MarathonIsland welcomes tourists after green upgradeWhat to know about the prison sentence for a movie armorer in a fatal shooting by Alec Baldwin
3.848s , 6501.1875 kb
Copyright © 2024 Powered by Ford's 1Q net income falls 24% as combustion engine unit sees sales and revenue decline ,Cosmic Chronicle news portal