Ford posts lower operating profit as overseas losses weigh

FILE PHOTO – The brand of the Ford Motor Company is seen outdoors a automotive dealership in Cape Town, South Africa, October 18, 2017. REUTERS/Mike Hutchings

DETROIT (Reuters) – Ford Motor Co (F.N) on Wednesday posted a lower operating fourth-quarter profit as losses in each international area apart from North America weighed on outcomes.

“It was not a year we were happy with and the fourth quarter continued that theme,” Chief Financial Officer Bob Shanks informed reporters on the headquarters of the No. 2 U.S. automaker, which is restructuring its operations globally.

Last week, Ford offered a cloudier 2019 outlook attributable to tariff prices and uncertainty over Britain’s exit from the European Union. Shanks reiterated on Wednesday that Ford’s intensive presence within the nation gave it an excessive amount of publicity to the results of Brexit.

Ford stated on Jan. 10 that it will minimize 1000’s of jobs and take a look at plant closures in Europe as a part of its plan to return to 6-percent operating margin within the area.

Ford posted a fourth-quarter web lack of $116 million or three cents a share, down from a web profit of $2.5 billion or 63 cents a share in the identical quarter in 2017, which it attributed largely to one-time pension prices and fees related to layoffs.

Excluding one-time fees, the corporate reported a web profit of 30 cents per share, according to an outlook Ford executives offered final week.

The firm’s pre-tax margin fell to three.5 p.c from four.9 p.c a yr earlier.

In North America, Ford posted a pre-tax profit of $2 billion. In each different area, the automaker posted a loss. The largest lack of $381 million was in Asia, pushed by China the place the corporate has seen gross sales plummet.

Reporting By Nick Carey; Editing by Nick Zieminski

Our Standards:The Thomson Reuters Trust Principles.

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