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 but said revenue was down 13%. The company blamed that on ramping up production of the new F-150 pickup truck, its top selling vehicle.
The company held its full-year pretax earnings forecast at $10 billion to $12 billion, but predicted it would be toward the high end of the range.
It lowered an estimate of full-year capital spending to $8 billion to $9 billion, down from earlier guidance of $8 billion to $9.5 billion. The company said the reduced spending shows its commitment to using capital efficiently.
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