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News

Profitable Ford Posts Lower 1Q Earnings

Ford has posted earnings of $1.4 billion for the first quarter of the year. WDET’s Jerome Vaughn has more. SOQ

Ford’s first quarter earnings fell roughly 45% compared to the beginning of 2011. The Dearborn automaker blames the lower profits on higher tax expenses. Sluggish sales in Europe also hurt Ford’s bottom line.

While profits fell, the results still managed to beat Wall Street expectations by four cents per share.

Revenues for the quarter fell slightly…to $32.4 billion.

Ford also announced that it will offer lump-sum payments to about 90,000 white collar retirees and other former employees to cut the automaker’s pension costs.