Ford's 1Q Profit Falls 39 Percent
DEARBORN, Michigan (AP) -- Ford Motor Co.'s first-quarter profit fell 39 percent as sales and revenue declined in North America, its most important market.
Ford says it earned $989 million, or 24 cents per share, in the January-March period. That's down from $1.64 billion, or 41 cents a year ago.
The company fell short of Wall Street's expectations. Analysts polled by FactSet forecast earnings of 31 cents per share.
Revenue rose slightly to $35.9 billion, beating analysts' expectations. Worldwide sales were up 6 percent to nearly 1.6 million.
Ford's North American operations were hit with $100 million in weather-related charges during the brutal weather, including increased costs for parts shipments. The company also set aside $400 million for its warranty reserves for the repair of prior models.
Ford's North American pretax profit fell 37 percent to $1.5 billion.