Ford's 1Q net income falls 24% as combustion engine unit sees sales and revenue decline
Time:2024-04-26 06:39:07 Source:worldViews(143)
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.
Previous:Poland lays claim to a leadership role in Europe as Russia's war threatens stability
Next:A US citizen facing drug charges in Russia appears in court. His case was adjourned until mid
You may also like
- Rosie Huntington
- Labour MP Ginny Andersen formally apologises after bullying accusation
- ‘Corrosive obsession with a person’s race’: David Seymour on Māori Wards
- Impossible decisions and the job he never got to do
- China to improve museum docent services
- WorkSafe interim chief executive Steve Haszard resigns months into job
- Who is Mohammad Mustafa, the new Palestinian PM?
- Parliament: Current caretaker role to continue until new government formed
- Atletico Madrid battles Athletic Bilbao for 4th place in Spain and last Champions League berth