Posts Tagged ‘ford 1q 2017’

Ford Profits Slide 35% on Recalls, Sluggish Sales

Number 2 Detroit maker also boosts investments in trucks.

by on Apr.27, 2017

The surge in SUV demand drove up prices but Ford still saw overall sales dip in the U.S. and China.

A flurry of headwinds put the drag on Ford Motor Co. earnings during the first quarter of 2017, the numbers dropping 35% to $1.6 billion.

It didn’t help that Ford’s latest numbers are being compared to the best quarterly earnings in company history, the $2.2 billion profit the Detroit maker delivered between January and March 2016. On the upside, Ford’s $0.40 earnings per share and $36.5 billion in total revenues did manage to beat Wall Street $0.35 earnings estimate, according to a poll of analysts by FactSet.

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Among the challenges Ford faced this time around: declining sales, increased recall costs, as well as rising prices for steel and other raw materials. There was also some hefty spending to retool operations like the Michigan Assembly Plant to produce more of the trucks Ford needs in today’s SUV and pickup-centric market, something the maker’s CEO Mark Fields declared “an investment in Ford’s future.”

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