Ford Posts 7% Drop In Q1 Profit, Still Sees 'Breakthrough Year’
American car manufacturer Ford has posted a drop in its first quarter profits. That said, the company still believes that it will indeed have a breakthrough year given the fact that they remarked a large swath of its international line-up.
Ford’s first quarter profit dropped by a huge 6.6% to stand at $924 million, but the company’s top management is not that worried about things to come.
According to Ford, the introduction of the F-150 has been so well to the point that the company will be increasing its projections in terms of profit margins for North America. It added that the economic conditions in the South Eastern parts of the country have been worser than earlier anticipated.
The company’s revenue in the first quarter fell by 5.65 to stand at $33.9 billion.
A statement that was issued out by Mark Fields, the CEO of Ford, says that, “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.”
While addressing the drop in its first quarter earnings, Bob Shanks, the company’s CFO, stated that it, “would easily have been over 10 percent,” adding that, “Those are high-margin products, high-revenue products.”
He finished off by stating that, “We’re going to have a lot of tailwinds behind in terms of product performance by the second half” of this year.