DEARBORN, Mich. (AP) — North America propped up Ford Motor Co.'s profits in the first quarter, which otherwise took a beating from plummeting European sales and higher taxes.
Ford said Friday its net income fell 45 percent from a year earlier. The first quarter of 2011 was the company's best first quarter since 1998.
But Ford beat Wall Street's expectations, and the company's outlook was upbeat. Ford expects improvement in the second half of the year as more plant capacity opens. It's also hoping a new plan to offer lump-sum pension payments to retirees will wipe millions of dollars in liabilities off its books.
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