Ford posts $1.7 billion quarterly loss, offers weak 2020 forecast
Reuters
Published Feb 04, 2020 04:12PM ET
Updated Feb 04, 2020 04:31PM ET
DEARBORN, Mich. (Reuters) - Ford Motor Co (N:F) on Tuesday posted a fourth-quarter loss and provided a weaker-than-expected 2020 forecast due to continued higher warranty costs, lower vehicle volumes, lower results from Ford Credit and higher investment in future transportation.
The No. 2 U.S. automaker, struggling to complete a long-running restructuring and faced with continued losses in China, said it expects 2020 operating earnings in the range of 94 cents to $1.20 a share, below the $1.26 analysts were expecting, according to IBES data from Refinitiv.
For the fourth quarter of 2019, Ford reported a net loss of $1.7 billion, or 42 cents a share, compared with a loss of $100 million, or 3 cents a share, a year earlier.
The quarter included a loss of $2.2 billion due to higher contributions to its employee pension plans, something it disclosed last month.
Excluding one-time charges, Ford earned 12 cents a share, three cents below what analysts had expected.
Revenue in the quarter fell 5% to $39.7 billion, above the $36.5 billion Wall Street had expected.
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Written By: Reuters
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