Ford’s new aluminum-sided F-150 will be a lot lighter and more efficient when it goes on sale later this year. But for now it’s a serious drag on profits.
It’s the company’s 20th consecutive profitable quarter and its best since second quarter 2011.
Ford earned $989 million in the first quarter, below analyst expectations.
Ford Motor Co., a darling of the auto industry’s comeback, is facing its biggest test since CEO Alan Mulally charted its successful course out of the Great Recession.
Ford is reporting that its net income fell by nearly half in the first quarter, as European sales plummeted and the company paid higher taxes.
Ford earned $2.6 billion dollars in the first three months of the year, its best first quarter performance in 13 years.
“I think it’s good news for Ford, good news for Detroit, and all the workers,”