Losses on overseas operations and a higher tax burden took a toll on Ford Motor Company in the first quarter but the US auto giant on Friday forecast a stronger performance in the second half of the year.
Ford posted a sharp 46 per cent fall in net income from the year-earlier quarter to $1.4 billion despite surging US sales.
Chief executive officer Alan Mulally hailed the results, which mark the once-troubled company’s 11th straight quarter of profits.
‘Our team delivered a solid performance in the first quarter with particularly strong results in North America,’ Mulally said in a conference call.