Eurozone crisis blamed for weak results in Europe
Ford reported its best quarterly profits in north America for 12 years offsetting weaker results overseas, particularly in Europe. But the company's stock dropped as much as 2.9% after executives said Ford lost market share in the US in April. The carmaker reported first-quarter net income of $1.4bn, down from $2.55bn a year earlier. For Europe, Ford reported a pretax loss of $149m, hurt by dwindling demand as many countries there experienced recession. Ford lost less money than expected in Europe, helped by cost cuts, but expects to lose up to $600m in the region this year.
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