Dearborn, Michigan: Lower sales and the impact of a stronger US dollar caused Ford’s net income to fall 6.5 per cent to $924 million in the first quarter.
The earnings, of 23 cents per share, compared with earnings of 25 cents a year earlier. That was short of Wall Street’s expectations. Analysts surveyed by FactSet forecast earnings of 26 cents per share. Revenue fell by 5 per cent, or $2 billion, to $33.9 billion, also missing forecasts of $34.3 billion. Ford said the continuing launch of its new F-150 pickup hurt North American sales, since dealers don’t yet have a full inventory. And while sales rose in Europe, revenue fell because of the stronger US dollar. Ford reiterated it expects a full-year pretax profit of $8.5 to $9.5 billion.
