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.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.