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Ford first-quarter profit drops 35 percent

Xinhua, April 27, 2017 Adjust font size:

CHICAGO, April 27 (Xinhua) - The profit of Ford Auto Company dropped 35 percent in the first quarter of this year as a result of higher cost, lower volume and unfavorable exchange.

The U.S. automaker announced on its website Thursday that its pre-tax profit was 2.2 billion dollars in the first quarter, down 1.6 billion dollars from the same period of 2016. The company expects to rake in nine billion dollars in pre-tax profit in 2017, down from 10.4 billion dollars in 2016.

The automaker posted its earnings per share at 40 cents in the first quarter, and the revenue at 39.1 billion dollars, up four percent year on year.

Average transaction price of Ford vehicles in the U.S. went up 1,971 dollars year on year, nearly four times the industry average of 506 dollars, thanks to F-150, Super Duty and Lincoln sales.

"This quarter was an investment in Ford's future. From announcing exciting vehicles like the all-new Expedition and Lincoln Navigator, to initiatives such as our investment in Argo AI, we are fortifying our core business, while also investing in emerging opportunities that will deliver profitable growth," Ford President and CEO Mark Fields said in a statement posted on the company's website. Endit