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The corporate (F) didn’t escape how a lot extra cash it put aside to cowl guarantee bills, however stated “most” of the $1.2 billion drop in working revenue within the quarter got here from that elevated expense. Nonetheless, Ford stated it’s making good points in product high quality, regardless of the elevated prices.

“We nonetheless have plenty of work forward of us to boost high quality and scale back prices and complexity, however the group is dedicated and we’re on track,” stated Ford CFO John Lawler within the firm’s earnings report.

The corporate’s adjusted internet revenue fell $1 billion to $1.9 billion, or 47 cents a share. That badly missed analysts’ forecasts of earnings per share of 68 cents a share.

The corporate Mannequin e unit, which incorporates its electrical car gross sales to customers relatively than companies, had an working lack of $1.1 billion, however that was basically unchanged from a 12 months in the past. It was the almost 50% drop in working revenue in Ford Blue, which incorporates conventional gasoline-powered vehicles and truck gross sales to customers, that damage its backside line. Ford Professional, which incorporates fleet gross sales to companies and governments, reported a modest achieve in working income.

Income rose 6% to $4.7 because the variety of automobiles bought edged up 2% to 1.1 million worldwide.