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Ford Motor Q1 profit climbs 10.3% YOY

Ford Motor Co. said its first-quarter normalized net income came to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS climbed 12.9% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $893.4 million, an increase of 10.3% from $810.0 million in the prior-year period.

The normalized profit margin rose to 3.3% from 2.3% in the year-earlier period.

Total revenue fell 5.5% on an annual basis to $33.90 billion from $35.88 billion, and total operating expenses decreased 6.0% on an annual basis to $32.95 billion from $35.03 billion.

Reported net income fell 8.1% from the prior-year period to $920.2 million, or 23 cents per share, from $1.00 billion, or 24 cents per share.