Car maker Ford has recorded a $1.2 billion profit for the first quarter, down 38% on the same period last year, while warning of a possible loss in the current quarter.
Earnings per share of 62 cents excluding once-off items were well ahead of the average Wall Street forecast of 39 cents per share. Sales for the three months to March 31 edged up to $45 billion from $44.7 billion a year earlier.
But the second largest US car maker said the second quarter would see at best break-even results before exceptional items, and could end up with a loss of as much as 15 cents a share.
'This outlook is based on our expectation of a tougher operating environment for the remainder of the year,' said chief financial officer Don Leclair.
Ford sharply scaled back its outlook earlier this month following a similar announcement from General Motors, which on Tuesday announced a whopping $1.1 billion loss for the first quarter.
