Ford 1Q earnings down on recalls, lower sales; revenue rises
04:53, Apr 28, 2017
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And adjusted pre-tax profit came in at $2.2 billion, down $1.6 billion from 2016. Ford reported earnings per share of 40 cents, down from the first quarter of past year but better than the 35 cents analysts had expected.
Ford expects commodity costs to be around $1 billion higher this year.
Mr. Shanks described the just-ended quarter as Ford's "toughest" this year and expects results to be flat "in aggregate" over the remaining three quarters. Adjusted pretax profits fell more than 40 percent to $2.2 billion.
Ford's earnings up 4 percent in early 2017 as profits dip
Quality issues dogged the automaker.
The autos group announced two North American product recalls in March that cost the company US$295mln, with 230,000 vehicles recalled because of engine fire risks and 210,000 vehicles for defective door latches. The brand moved up one spot a year ago in J.D. Power's initial vehicle quality study, for example.
While transaction prices were up $1,971 per vehicle on strong demand for Ford's heavy-duty trucks, US sales fell 4% in the first quarter and market share shrank.
Ratings agencies have warned of worsening credit and there are concerns that millions of almost new leased vehicles due to flood the market over the next couple of years will further depress used-car values and hurt USA automakers' sales. "Ford's balance sheet remains strong - ready and able to support our plans for growth and to protect against adverse changes in the business cycle", Shanks said.
The company will release a new version of its F-150 truck later this year, as well as a new Ford Expedition SUV, and a new Lincoln Navigator.
Higher interest rates and a steady decline in used-car values are also hurting vehicle affordability among USA consumers and making it more hard for auto makers to continue offering the cheap leases that helped drive the recent US sales boom.
Ford Motor Co on Thursday reported a lower quarterly net profit that beat analyst expectations, and reiterated its pretax profit forecast for 2017.
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