P. M. BRIEFING : Ford Reports $1.64 Billion Earnings
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DETROIT — Ford Motor Co. today said its first-quarter earnings rose nearly 1% to $1.64 billion, the second-most profitable three-month period in automotive history.
Ford, the nation’s second-largest auto maker after General Motors, said its first-quarter results translated to $3.44 per share, and compared with earnings of $1.62 billion, or $3.31 per share, in the first three months of 1988.
Revenue totaled $25.87 billion, up 11.5% from $23.2 billion during the first three months of 1988.
Ford said its first-quarter profit was buoyed by increased profits overseas, a continuing source of money for the auto maker. The company said its U.S. profits fell 5.6% to $800 million during the quarter, principally because of sluggish sales and costs of incentives.
GM last week reported first-quarter earnings of $1.55 billion. Chrysler Corp. is expected to release first-quarter results next week.
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