Ford's 1Q net income falls 24% as combustion engine unit sees sales and revenue decline

Ford Motor Co.’s first-quarter net income fell 24% from a year ago as the company’s combustion engine vehicle unit saw revenue and sales decline. The Dearborn, Michigan, automaker said it made $1.33 billion from January through March, compared with $1.76 billion a year earlier. Excluding one-time items, Ford made 49 cents per share, enough to beat analyst estimates of 43 cents, according to FactSet. Revenue for the quarter was up 3.2% to $42.78 billion, but that fell short of Wall Street estimates of $42.93 billion.