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Ford earnings fall on Europe slump, tax rate

Ford expects improvement as it offers a new lump-sum pension payment plan to retirees, to wipe millions of dollars of liabilities off its books.

By Associated Press | Updated on April 27, 2012

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.

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