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Ford Motor Company posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker increased warranty reserves in North America for older vehicles by $400 million. Net income fell 39 percent to $989 million, or 24 cents a share, from $1.61 billion, or 40 cents a share, in the year-earlier period. Excluding one-time items for European restructuring, Ford earned 25 cents a share, 6 cents below analysts’ estimates in a poll by Thomson Reuters, or about the same amount as the warranty reserves.

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