Ford Motor Co.
today said its first-quarter net income fell 39 percent from the same period a year ago to $989 million on weaker pricing in the United States and higher warranty expenses.
It was Ford’s 19th consecutive profitable quarter.
Profit margins in North America declined 35 percent, due to higher incentives and a $410 million increase in warranty reserves related to previously announced recalls and other service campaigns involving vehicles from past model years. Ford also said “weather-related costs” cut North American earnings by about $100 million.