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By: Dividend Daily
April 27, 2012 at 09:16 AM EDT
Ford Motor’s Q1 Profit Plunges 45%, but Adjusted Results Still Beat View (F)
Auto maker Ford Motor Company (F) on Friday posted a sharp decline in first quarter earnings, but adjusted totals still bested Wall Street’s expectations.
The Detroit-based company reported first quarter net income of $1.4 billion, or 35 cents per share, compared with $2.55 billion, or 61 cents per share, in the year-ago period. Excluding special items, adjusted profit was 39 cents per share.
Revenue fell 2% from last year to $32.4 billion.
On average, Wall Street analysts expected a smaller profit of 35 cents per share, on slightly lower revenue of $32.3 billion.
Ford shares posted modest gains in premarket trading Friday.
The Bottom Line
Ford Motor Company (F) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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