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 Net income fell 39 percent to $989 million, or 24 cents a share,
from $1.61 billion, or 40 cents a share, in the year-earlier period.
The quarter included $400 million in additional costs for warranty
reserves in North America for vehicles from as early as the 2001
model year, and $100 million in costs related to higher freight and
other items due to the quarter's harsh winter. It also included
previously disclosed costs of $400 million, mostly due to the
currency devaluation in Venezuela.
Excluding one-time items for European restructuring, Ford earned 25
cents a share, 6 cents below analysts' estimates in a poll by
Thomson Reuters I/B/E/S, or about the same amount as the warranty
reserves.
(Reporting by Ben Klayman and Bernie Woodall;
editing by Jeffrey Benkoe)
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