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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

2019 Los Angeles Auto Show | Autoblog Podcast #605

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Associate Editor Zac Palmer. This week, the main topic of discussion is the 2019 Los Angeles Auto Show. Of course, they've gotta talk about the Ford Mustang Mach-E — and its questionable naming scheme. They also run down some other L.A. show highlights including the Toyota RAV4 Prime, Kia Seltos, Lexus LC 500 Convertible and Audi RS Q8. Then they talk about the cars they've been driving: the 2020 Chevy Silverado with the Duramax diesel engine and the 2020 Subaru Legacy Touring XT. Autoblog Podcast #605 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown L.A. Auto Show 2021 Ford Mustang Mach-E (and here's a little more about the name) 2021 Toyota RAV4 Prime 2021 Kia Seltos 2021 Lexus LC 500 Convertible 2020 Audi RS Q8 2020 Chevy Silverado Duramax 2020 Subaru Legacy Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Camaro SS, Hellcat Widebody, and an Airstream camper | Autoblog Podcast #545

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Senior Editor Alex Kierstein. We talk about a lot of American stuff, including the Chevy Camaro SS 1LE and the new Blazer, Dodge Challenger Hellcat Widebody, Ford's new train station and a diesel F-150 towing an Airstream trailer, as well as some Tesla pickup news. Somehow the Kia Stinger also made its way into this red, white and blue episode (because it's great, and it's our new long-termer). This week, we try something a little different in the "Spend My Money" segment. Autoblog Podcast #545 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we've been driving: Chevrolet Camaro SS 1LE, Dodge Challenger SRT Hellcat Widebody, Kia Stinger AWD Visiting Ford's new train station in Detroit Camping with a Ford F-150 Diesel and an Airstream Basecamp Chevy unveiled the new Blazer New Tesla pickup truck details Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Green Podcasts Chevrolet Dodge Ford Kia Truck Coupe Crossover Electric Future Vehicles Performance Sedan RVs/Campers chevy blazer michigan central station