Ford posts 7% drop in Q1 profit

Ford Motor Co., which has forecast a “breakthrough year" for itself after remaking a large swath of its global lineup, today said its first-quarter net income fell 6.6 percent to $924 million as the launch of its aluminum-bodied pickup cut production.

Ford said the F-150 introduction has gone so well that it is increasing its projections for North American profit margins slightly but that economic conditions in South America have been worse than expected.

Revenue in the quarter fell 5.6 percent to $33.9 billion.

“The first quarter was a good start to a year in which our results will grow progressively stronger as the new products we have been launching start to pay off," Ford CEO Mark Fields said in a statement. “We are re-confirming that 2015 will be a breakthrough year for Ford."