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Ford fourth-quarter results weighed down by losses overseas
Ford Motor Co
The No. 2 U.S. automaker, which has announced an alliance with Germany`s Volkswagen AG
Last week, Ford provided a cloudier 2019 outlook because of tariff costs and uncertainty over Britain`s exit from the European Union, only saying it had the potential for higher earnings and revenue.
That was in contrast to Ford`s larger U.S. rival, General Motors Co
Shanks reiterated on Wednesday that Ford`s market-leading presence in Britain gave it extensive exposure to the effects of Brexit. Ford said on Jan. 10 that it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region. Ford posted a fourth-quarter net loss of $116 million, or 3 cents a share, down from a net profit of $2.5 billion, or 63 cents a share, in the same quarter in 2017, largely because of one-time pension costs and other charges.
Excluding one-time charges, it earned 30 cents a share, in line with an outlook Ford executives provided last week that was shy of Wall Street`s expectations.
In North America, Ford posted a pre-tax profit of $2 billion. It saw losses in every other region, with Asia reporting the largest loss of $381 million, driven by plummeting sales in China.
On Jan. 15, Ford and VW said they would join forces on commercial vehicles and were exploring joint development of electric and self-driving technology.
On Wednesday, sources said that Germany`s automakers, including VW, were in talks to jointly develop autonomous cars. VW reiterated it was still looking for new partners, while Shanks said the companies were still in talks.
Ford, which ended 2018 with $23.1 billion in cash, previously said it remained committed to its operations in Europe and South America, and its losses in China would narrow this year. Chief Executive Jim Hackett said on Wednesday that analysts "don`t have to wait long" for Ford`s South American reorganization plan.
Ford shares rose about 1 percent to $8.41 in extended trading.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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