DEARBORN, Mich. (AP) -- Ford's net income fell by nearly half in the first quarter as European sales plummeted and the company paid higher taxes.
Ford Motor Co. says net income totaled $1.4 billion, or 35 cents per share, compared with net income of $2.5 billion, or 61 cents, a year earlier.
Ford says nearly half the decrease was due to paying a higher tax rate.
Revenue fell 2 percent to $32.4 billion.
Without one-time items, Ford earned 39 cents per share, beating Wall Street expectations. Analysts, who typically exclude one-time items, had expected 35 cents.
Ford says it will cut pension costs by offering lump-sum payments to about 90,000 U.S. white-collar retirees and former employees. The company says it's the largest pension offer a U.S. company has ever made.