Ford reported a drop in first-quarter profits Thursday due in part to restructuring costs, but the company’s share price rallied following a strong performance in North America and improved results in Europe.
The second-biggest U.S. carmaker reported $1.1 billion in profits, down 34% from the year-ago period. Those figures included $600 million in one-time costs connected to exiting heavy trucks in South America and European restructuring.
Revenues dipped 3.9% to $40.3 billion.
Ford pointed to strong sales of pickup trucks and sport-utility vehicles as the source of higher operating profits in North America. This includes the market-leading F-Series pickups, which scored higher demand despite rival models launched by competitors, the company said.
But overseas results were mixed. The company posting an operating profit in Europe, compared with a loss in the year-ago period, but the loss in South America deepened, while the China operation tumbled into the red amid the auto sales slowdown in the country.
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