Ford forecasts Q4 $112 mn loss amid restructuring costs

phys.org | 1/16/2019 | Staff
melanie7 (Posted by) Level 3
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Ford said Wednesday it expects to post a $112 million loss in the fourth quarter of 2018 as the automaker implements a massive restructuring in the United States and Europe.

The second biggest US automaker said it will still post a profit after charges stemming from the drive to cut $11 billion in costs.

Firm - Profit - Cents - Share - Period

The firm sees adjusted profit of 30 cents a share during this period, according to the statement, less than the 32 cents anticipated by the markets.

For the full year, Ford will post a net profit of $3.7 billion, less than half the 2017 result.

Earnings - Share - Year - Right - End

Adjusted earnings per share are expected to be $1.30 across the year, right at the lower end of its $1.30-1.50 estimate in October.

"Over the last 19 months, we have worked to reshape and transform our company—sharpening our competitiveness, taking actions to improve our profitability and returns, and investing in our future," Ford CEO Jim Hackett said in a statement.

Ford - Year - Production - Sedans - Cars

Ford last year announced it would halt production of sedans and small cars in the US to save $11 billion, and last week announced a massive restructuring of its European operations to boost profitability, including thousands of potential job cuts. It might also scrap the Fiesta, Focus and Mondeo models in Europe, where they are popular.

Jim Farley, Ford's president of Global Markets, said, "We are now beginning to see the results of our capital shift away from traditional sedans to trucks and SUVs with new utility nameplates globally."

Earnings - Figures - Day - Automaker - Alliance

The earnings figures were released just a day after the automaker announced a global alliance with Germany's Volkswagen to build commercial...
(Excerpt) Read more at: phys.org
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