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reported weaker-than-expected results for the first quarter on Tuesday.
For the full year, Ford maintained its pretax profit forecast of $8.5 billion to $9.5 billion. The company now expects North American operating margin of 8.5 percent to 9.5 percent, versus earlier outlook of 8 percent to 9 percent.
The Dearborn, Michigan-based company posted quarterly net income of $924 million, or $0.23 per share, versus $989 million or $0.24 per share, in the year-ago period.
Its revenue slipped 5 percent to $33.9 billion.. However, analysts were expecting a profit of $0.26 per share on revenue of $34 billion.
North American pretax profit slipped 11 percent to $1.3 billion in the quarter, while pretax profit declined to $103 million in Asia-Pacific. In South America, Ford's pretax loss came in at $189 million in the quarter, compared to a loss of $510 million a year earlier. Ford posted a pretax operating loss of $185 million, versus a year-ago loss of $194 million.
The average estimate among 82 Estimize users was for earnings of $0.28 per share and revenue of $34.54 billion.
"The first quarter was a good start to a year in which our results will grow progressively stronger as the new products we have been launching start to pay off. We are re-confirming that 2015 will be a breakthrough year for Ford as we continue accelerating our One Ford plan, delivering product excellence and driving innovation in every part of the business in a way that benefits all of our stakeholders," Mark Fields, Ford President and CEO said.
Ford shares fell 0.69 percent to $15.79 in pre-market trading.
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