Let's look more closely now to the financial highlights for the quarter. Slide 4 summarizes our first quarter business results compared with a year ago.Wholesale volume was about 1.4 million units, down 45,000 units or 3% from a year ago. Revenue was about $32 billion, a decline of $700 million or about 2%. Pretax operating profit, excluding special items, was $2.3 billion, $544 million lower than a year ago. Earnings were $0.39 per share, $0.08 lower than last year's earnings per share, adjusted for the tax valuation allowance release. Net income attributable to Ford, including the unfavorable pretax special items of $255 million, was $1.4 billion or $0.35 per share, a $1.2 billion decrease from a year ago. And about half of that increase in net income reflects higher tax expense related to the valuation allowance released in the fourth quarter of 2011, with the balance explained by lower operating results and increased special charges.
Ford Motor's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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