DETROIT (AP) — Ford Motor Co.'s second-quarter net income fell 4.7% from a year ago as the company’s combustion engine unit posted a pretax loss due to higher warranty costs.
The Dearborn, Michigan, automaker said Wednesday it made $1.83 billion from April through June, compared with $1.92 billion a year ago.
Excluding one-time items, Ford made 47 cents per share, short of industry analysts' estimates of 68 cents, according to FactSet.
The automaker reported $47.8 billion in revenue for the quarter, a 6.3% increase over the $44.95 billion in the second quarter of 2023.
Ford's second quarter sales in the U.S., its most lucrative market, rose just under 1% to more than 532,000 vehicles.
A motorist puts an electric 2024 Ford Mustang Mach-E through its paces on a test track at the Electrify Expo in The Yards Sunday, July 14, 2024, in north Denver. Ford reports earnings on Wednesday, July 24, 2024. (AP Photo/David Zalubowski)
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