Ford Motor has announced a lower quarterly profit and has reduced its profit forecast for this year. Ford is the second-largest automobile manufacturer in the US.
The announcement shows a third-quarter profit of $425 million (net), compared to $991 million for the same period in 2018. There were several special charges included in this quarter totaling $1.5 billion relating to global restructuring.
However, Ford is still earning 34c/share which is higher than the forecast 26c and although overall revenue fell by 2%, at £37 billion it has still exceeded the expectation of $33.98 billion
The majority of the company’s profits have come from North America which remains its key market.
The full-year operating profit is now anticipated to reach $6.5 -$7 billion having predicted that it would rise from $7billion last year to $7.5billion in 2019. It is also anticipated that share earnings will drop from the forecasted $1.35/share to between $1.20 and $1.32/share.