Ford Motor Co, the second-largest U.S. automaker, announced Friday that its first-quarter profit dropped slightly 46.2% from a year ago to 1.4 billion. 

Total revenue slipped 2.1% to $32.4 billion in the first quarter. 

Meanwhile, Ford’s shares rose 1.2 percent to $11.87 at the close in New Yorkm, according to sources. 

Ford also said it lost the U.S. market share in April because it ratcheted back incentives too quickly. 

The company ended 2011 with net income of $13.6 billion, or $3.40 a share, compared with $190 million, or 5 cents, a year earlier.  

Ford announced today, along with its earnings, it will offer its 90,000 salaried retirees as well as U.S. salaried former employees’ due pensions to get them to voluntarily give up all rights to monthly payments. 

Ford is the second-largest U.S.-based automaker and the fifth-largest in the world based on annual vehicle sales, after Toyota, General Motors, Volkswagen AG, and Hyundai Motor Group. 

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