Ford Motor Company [NYSE: F] on Friday reported a 2014 first quarter pre-tax profit of $1.4 billion, its 19th consecutive profitable quarter. The company also affirmed its full-year pre-tax profit guidance of $7 billion to $8 billion as it launches 23 new global vehicles, the most in a single year in its history.
However, the company’s pre-tax profit of $1.4 billion was $765 million lower than a year ago. Net income for the quarter was $989 million, or 24 cents per share, a decline of $622 million from a year ago.
Ford’s stock declined about 4% following the release.
Among the company’s global business units, Ford Asia Pacific reported a record quarterly profit, and the North America and Middle East & Africa operations remained profitable. Europe reduced its loss by more than half over last year, while South America incurred larger losses compared with a year ago.
Those looking for bright spots noted that the company’s first quarter wholesale volume was up 6 percent and revenue improved about 1 percent from a year ago. The company had continued market share gains in Asia Pacific, including record market share in China.
“We had a solid quarter, and we are on track with our most aggressive product launch schedule in our history,” said Alan Mulally, the company’s president and CEO. “Our One Ford plan continues to deliver as we serve customers in more markets around the world with a full family of vehicles committed to best-in-class quality, fuel efficiency, safety, smart design and value.”
In the first quarter, Ford increased its quarterly dividend by 25 percent and paid about $500 million in dividends to stockholders.