Ford Motor Co. says its net income fell by 57 percent to $1 billion in the second quarter as losses in Europe and Asia mounted.
The company lowered its full-year profit forecast. Ford still expects a strong operating profit, but it will be lower than 2011. Previously the company had expected to make about the same amount.
Ford earned 26 cents per share on revenue of $33.3 billion. Without one-time items, including the sale of two parts factories, it earned 30 cents per share. That was ahead of Wall Street's forecast of 28 cents per share on revenue of $32.9 billion.
Ford posted a $2 billion profit in North America in the second quarter. But it lost $404 million in Europe, where sales have slowed because of the economic crisis.