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Ford Motor Co.’s worldwide sales rose in the first quarter, propelled by growing strength in Asia and Europe. But weakness in North America dragged down the company’s profit.
Its earnings missed Wall Street’s expectations, while revenue beat. Ford shares fell 3 percent in premarket trading.
Ford’s first-quarter net income fell 39 percent to $989 million, or 24 cents per share, down from $1.64 billion, or 41 cents per share, in the January-March period a year ago.
Excluding a one-time charge of $122 million for plant closings in Europe, Ford earned 25 cents. That was far short of Wall Street’s expectations. Analysts polled by FactSet forecast earnings of 31 cents per share.