Ford, GM Post Lower Earnings in First Quarter
Ford Motor Credit posted a net income of $710 million for the first quarter of 2005, up from $688 million a year ago, helping to offset lower profit numbers from the automotive operations. Similarly, General Motors announced a first-quarter net loss of $1.10 billion.
Ford Motor Credit posted a net income of $710 million for the first quarter of 2005, up from $688 million a year ago, helping to offset lower profit numbers from the automotive operations. Similarly, General Motors announced a first-quarter net loss of $1.10 billion.
According to The Detroit News, Ford Motor Co.’s first-quarter profits fell 38 percent to $1.2 billion. The company’s worldwide automotive operations contributed $579 million in pre-tax profits, down $1.25 billion from 2004.
GM’s automotive operations lost $1.98 billion in the quarter, with a loss in North America alone of $1.56 billion. Its finance arm, General Motors Acceptance Corp., earned $728 million in the first quarter, compared with $764 million in the year-ago period.
Ford said second-quarter results are expected to fall between break-even and an after-tax loss of 15 cents a share, reported the Wall Street Journal.
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