Ford’s Profits Decline 12.7%

Ford Motor Co. today reported a first-quarter net profit of $783.3 million, a decline of 12.7% from the same period a year ago.

Earnings came to $4.20 a share, contrasted with $4.90 a share a year earlier even though sales were 1.8% higher. Ford was the third of the three major U.S. auto makers to report a decline in profits for the quarter. All blamed higher taxes.