Ford’s third-quarter results showed a money-losing year for its core non-finance business, after eking out a profit in 2018. That leaves the lending unit carrying the company. CEO Jim Hackett has some tough choices ahead of him, writes AntonyMCurrie.
Ford Motor on Oct. 23 reported third-quarter net income of $425 million, or 11 cents a share. Earnings were 34 cents a share after the company’s adjustments relating to its global redesign, including costs to set up its proposed Indian joint venture with Mahindra & Mahindra. That compares to the mean estimate of sell-side analysts of 25 cents a share, according to Refinitiv data. Revenue of $37 billion exceeded the mean estimate of just under $34 billion.
The company reduced its forecast for full-year operating profit, citing higher warranty and incentive costs as well as lower sales in China.
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