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Ford reported a $989 million profit in the first quarter, down 39% from a year ago as the automaker kicks off its most aggressive year of product launches in 50 years. It is the 19th consecutive profitable quarter for Ford but was below investors’ expectations and far below last year’s $1.6 billion. Ford Chief Financial Officer Bob Shanks had warned of higher costs associated with the 23 global vehicle launches planned for this year, including 16 in North America. Each new model introduction comes with greater development, manufacturing and marketing costs. Ford posted a pre-tax profit of $1.4 billion, down $765 million or 36% lower than a year ago on revenue of $36 billion. For the full year, the automaker still expects pre-tax profit of $7 billion-$8 billion.
Source: Detroit Free Press