Ford 1Q earnings up slightly, company promises more savings

DEARBORN, Mich. (AP) — Ford's net income rose slightly in the first quarter due largely to a lower income tax rate.

The automaker says it made $1.74 billion, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago.

The company also says it has found another $11.5 billion in cost cuts and efficiencies, bringing the total to $25.5 billion expected by 2022. Savings will come from engineering, product development, marketing, materials and manufacturing.

Ford on Wednesday promised to raise its operating profit margin from 5.2 percent to 8 percent by 2020, two years earlier than a previous forecast.

Revenue rose 7 percent to $41.96 billion.

Earnings and revenue beat Wall Street estimates. Analysts polled by FactSet expected 41 cents per share and revenue of $36.78 billion.