Ford's 1Q net income falls 24% as combustion engine unit sees sales and revenue decline

Ford Motor Co.’s first-quarter net income fell 24% from a year ago as the company’s combustion engine vehicle unit saw revenue and sales decline. The Dearborn, Michigan, automaker said it made $1.33 billion from January through March, compared with $1.76 billion a year earlier.

FILE - A worker walks past neon signs for Ford at the Auto Shanghai 2023 show in Shanghai, Tuesday, April 18, 2023. Ford reports their earnings on Wednesday, April 24, 2024. DETROIT — Ford Motor Co .'s first-quarter net income fell 24% from a year ago as the company’s combustion engine vehicle unit saw revenue and sales decline.

Excluding one-time items, Ford made 49 cents per share, enough to beat analyst estimates of 43 cents, according to FactSet. Ford Blue, the combustion engine unit, made $905 million before taxes but said revenue was down 13%. The company blamed that on ramping up production of the new F-150 pickup truck, its top selling vehicle.

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