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Ford reports income drop

Decline in foreign sales, higher US tax rate affect 1st-quarter earnings

By Dee-Ann Durbin and Tom Krisher

 |  associated press  

  April 28, 2012

Ford Motor Co. has tidied up North America, sweeping out old products and excess costs. But the rest of the world keeps making a mess. The company’s net income fell 45 percent to $1.4 billion in the first quarter. Ford took a beating from plummeting European sales and weaker results in Asia and South America. It also started paying more in taxes.

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