Ford's first-quarter profit misses expectations, selling fewer vehicles in North America. But there are some bright spots. Bobbi Rebell reports.
Ford results coming in below forecasts. The automaker selling fewer vehicles in North America. Ford is continuing to boost production of its redesigned F-150 pickup truck. The company shipped 40 percent, or about 60-thousand, fewer F-150 pickup trucks in the quarter than a year ago. S&P Capital IQ's Efraim Levy: SOUNDBITE: EFRAIM LEVY, SENIOR AUTO ANALYST, S&P CAPITAL IQ (ENGLISH) SAYING: "Right now, they are still transitioning. They have a whole bunch of new products that are being launched, or have been launched, and we are just about at the cusp of where we start to see the benefit of those vehicles, such as the new F-150, where they will be able to sell a lot more of them, for a higher price, for better margins, and more volume, so it's good." But the number two U.S. automaker is keeping its full-year profit forecast, and even raised its profit margin forecast for North America. Ford also continues to lose money in South America, where, it says, conditions are getting worse. Levy points to Brazil. SOUNDBITE: EFRAIM LEVY, SENIOR AUTO ANALYST, S&P CAPITAL IQ (ENGLISH) SAYING: "The volume for the industry is down. Currency is negative. So, you have to adjust for that, but that is still relatively a small part of the business, but we are getting to the stage where Ford won't have excuses if they don't deliver." Levy is maintaining a buy on Ford stock on expectations of an increase in sales and profits in the second half of the year and into 2016.