Ford (NYSE:F) announced on Friday that net income dropped bye 45 percent due to plummeting sales in Europe and a higher tax rate. The company earned $1.4 billion, or 35 cents per share, in the first quarter down from $2.5 billion, or 61 cents in the same period last year. Revenue fell by 2 percent to $32.4 billion. Excluding one-time items, the company earned 39 cents, beating analyst estimates of earnings of 35 cents per share on revenue of $32.3 billion.
Shares are slightly higher in early trading.
Procter & Gamble (NYSE:PG) announced on Friday that third-quarter net dropped by 16 percent due to higher costs for raw materials and restructuring costs. The company also reduced 2012 guidance due to volume declines in several markets. Net income fell 16 to $2.41 billion, or 82 cents per share during the quarter versus $2.87 billion, or 96 cents per share in the same period last year. Revenue increased by 2 percent to $20.19 billion, lower than analyst estimates of $20.35 billion.
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