Ford posts $1.4 billion profit in Q1 down 46%

 Ford Motor Co. on Friday said first-quarter profit fell less than analysts had estimated as overseas losses ate into growing income from North America.

The US based automaker reported net income of $1.4 billion, 45 percent less than the $2.55 billion it earned in the same period of 2011. Revenue declined 2 percent, to $32.4 billion.

Ford said nearly half the decrease was due to paying a higher tax rate. At the end of last year, the company moved tax credits and other assets back onto its books, after moving them off in 2006 when it wasn’t making a profit. Ford is now paying a 32.5-percent tax rate, compared with 8 percent a year ago.

As China growth has slowed and European auto sales are at their lowest levels since the mid-1990s, the company has said it is relying on North America to boost earnings this year.