Ford Motor Company reported $989 million in profit during the first quarter of 2014, a significant drop from the $1.61 billion the Detroit-based automaker saw during the same period last year. Revenue, however, was up in Q1.
MarketWatch reports the company raked in about $35.9 billion overall in the first quarter, slightly surpassing the $34.54 billion in revenue analysts expected.
The Detroit Free Press reports Ford has 23 global launches planned in 2014, one of the company’s most aggressive years in the past half-decade. The costs associated with those launches, as well as service costs related to older models, are likely related to Ford’s profit drop.