This translation has been automatically generated and has not been verified for accuracy.Ford Motor Co on Wednesday posted a lower quarterly profit as it took charges for its global restructuring, and reduced its full-year operating profit forecast due to higher warranty and incentive costs, as well as lower-than-expected sales in China.
“We took on too much,” said Hinrichs, citing the difficulty of launching the Explorer and Aviator simultaneously while it was breaking in a new assembly line at the 95-year-old Chicago plant. “We have plenty of inventory now at dealers,” he added. The No. 2 U.S. auto maker still faces the prospect of negotiating a new four-year labour agreement with the United Auto Workers following the union’s more than month-long strike against General Motors Co that cost it about $2 billion according to analysts.Ford on Wednesday reported a third-quarter net profit of $425 million, or 11 cents a share, compared with $991 million, or 25 cents a share, a year earlier.
Ford also said it expects adjusted earnings this year in the range of $1.20 to $1.32 a share. Previously, the high end of its forecast had been $1.35. Analysts expect $1.26 a share.Ford’s third-quarter operating profit in North America was just over $2 billion. Its U.S. sales in the quarter fell 4.9%, but demand for the lucrative pickups remained strong with an increase of almost 9%.
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