Ford reported quarterly earnings and revenue that beat analysts' expectations on Wednesday, helped by cost cutting measures and a lower tax rate.
However, the company was hurt by rising commodity costs and unfavorable foreign exchange rates.
Like many of its peers, Ford has also faced declining demand for its passenger cars, and on Wednesday said it will not invest in next generation models of its traditional sedans for North America.
Despite the loss, key metrics improved in the region, due to economic recoveries in Brazil and Argentina.
The Middle East and Africa region saw an Ebit Loss of $54 million, but metrics did improve for the fourth consecutive quarter.
The Asia Pacific region incurred an EBIT loss of $119 million, which Ford blamed on its business in China.
Ford said it strengthened its relationship with Mahindra Group, and the two will collaborate on new SUVs and electric vehicles for India and other emerging markets.
- Ford to report earnings after the bell — here's what Wall Street expectsYahoo Finance UK
- Ford to cut car lineup to 2 vehicles and trim costsThe Detroit News
- Ford targets higher margins faster, will drop unpopular sedansReuters
- Ford beats on first-quarter earningsBusiness Insider
- Ford posts higher quarterly net profit, beats Wall Street estimatesKDAL
- UPDATE: Ford Motor (F) tops Q1 EPS by 2c, plans to reduce cumulative capital ...StreetInsider.com
