Ford Profit Falls on Taxes as Europe Offsets North America
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Ford Motor Co., seeking a second investment-grade credit rating, said first-quarter profit fell 45 percent on a higher tax rate and as overseas losses ate into growing income from North America.
Ford posted its 12th consecutive profitable quarter, with net income of $1.4 billion, or 35 cents a share, down from $2.55 billion, or 61 cents, a year earlier. Excluding one-time items, profit was 39 cents a share, beating the 35-cent average estimate of 17 analysts surveyed by Bloomberg. Ford fell 2.3 percent to $11.60 at the close in New York.