Ford Motor Company’s first-quarter net income fell 24% to $1.33 billion, compared to $1.76 billion a year earlier. The Dearborn, Michigan-based automaker attributed the decline primarily to reduced revenue and sales in its Ford Blue combustion engine unit. Despite this downturn, the company’s overall revenue rose 3.2% to $42.78 billion, exceeding market estimates. Ford Blue reported pre-tax earnings of $905 million, but revenue fell by 13%. The company cited the ramp-up of production for the new F-150 pickup truck, its best-selling vehicle, as a contributing factor to the revenue decline. Ford maintained its full-year pretax earnings forecast of $10 billion to $12 billion. However, it reduced its capital spending estimate to $8 billion to $9 billion, demonstrating its commitment to capital efficiency.
Ford’s Q1 Net Income Drops 24% Amidst Combustion Engine Revenue Decline
