Arab Today, arab today ford profit dives on weak north america recall costs
Last Updated : GMT 06:15:24
Arab Today, arab today
Arab Today, arab today

Ford profit dives on weak North America, recall costs

Arab Today, arab today

Arab Today, arab today Ford profit dives on weak North America, recall costs

Washington - AFP

US auto giant Ford posted Friday a large decline in first-quarterprofit as sales fell in its key North America market and costs rose for vehicle recalls.The second-largest US automaker blamed bad winter weather in part for itsdisappointing performance in North America. Other negative factors included anunfavorable exchange rate in South America."While similar factors could occur in the future, it is unusual for items like these tooccur in this magnitude in the same quarter," Ford said in a statement.Net income was $989 million in the first three months of the year, down 39 percentfrom $1.6 billion a year ago.Adjusted earnings of 25 cents per share came in six cents below Wall Streetexpectations.Revenue rose 0.8 percent to $35.9 billion, beating estimates.Ford president and chief executive Alan Mulally, who is expected to leave thecompany this year after a seven-year run, said the automaker had a "solid" quarteras it transitions into an ambitious program for the year that includes the launch of 23 new global vehicles."We are on track with our most aggressive product launch schedule in our history,"said Mulally.Mulally is widely regarded as helping to restore Ford's luster, steering the companyclear of a government bailout during the 2008 financial crisis and overseeingimpressive sales growth. Earnings rose 26 percent in 2013 to $7.2 billion.Global auto sales volume rose six percent and revenue climbed one percent from the2013 first quarter.The Dearborn, Michigan-based company said it scored continuing market-sharegains in the Asia-Pacific region, including a record share in China.In North America, Ford's largest market, wholesale auto sales fell two percent involume and revenue declined five percent. Pre-tax profit fell to $1.5 billion, down$892 million from the year-ago record profit.The lower results reflected higher costs of $500 million linked to weather-relatedcharges and vehicle recalls.South America pre-tax losses more than doubled to $510 million.Ford said it expects lower full-year earnings in North America and a wider loss inSouth America.- Upward trends -The Asia Pacific region swung into pre-tax profit of $291 million from a $28 millionloss a year ago.Leading the growth was China, the world's largest auto market, where wholesaleauto sales volume soared 45 percent. Ford plans to introduce at least 15 new modelsin China this year, including its luxury Lincoln car. It has opened three new factoriesin the country since 2012, and four plants are under construction .Ford forecast the Asia-Pacific region would exceed 2013 profits this year.The automaker shaved its loss in Europe by almost half, to $194 million, as itrestructures operations to reduce costs. Ford confirmed it expects the region tobecome profitable in 2015.Ford confirmed its 2014 full-year outlook of pre-tax profit between $7 billion to $8billion, below its record $8.6 billion in 2013.Ford shares tumbled 3.2 percent to $15.80 on the New York Stock Exchange.JPMorgan analyst Ryan Brinkman said that Ford was stronger than the disappointing earnings number suggested."We believe when the dust settles, investors will conclude that Ford's underlyingoperations are performing well despite this being a 'transition year' on a recordnumber of new product launches, setting the company up for even betterperformance down the line," he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ford profit dives on weak north america recall costs Arab Today, arab today ford profit dives on weak north america recall costs

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ford profit dives on weak north america recall costs Arab Today, arab today ford profit dives on weak north america recall costs

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday