Ford profit drops due to ongoing China sales slump

FILE PHOTO: Snowflakes are seen on the badge of a Ford car in Warsaw, Poland, December 17, 2016. REUTERS/Kacper Pempel - Copyright Kacper Pempel(Reuters)

By Reuters

Published on 24/10/2018 - 22:34•Updated 25/04/2024 - 12:14

Comments

DEARBORN, Mich. (Reuters) - Ford Motor Co <F.N> posted a lower quarterly profit on Wednesday as high commodity costs and an ongoing slump in sales in China partially offset strong demand for pickup trucks and SUVs in North America.

The No. 2 U.S. automaker reported a third-quarter net profit of $993 million (£771.3 million), or 25 cents per share, a 36-percent drop from $1.6 billion, or 39 cents per share, in the year earlier quarter.

Excluding one-time items, Ford earned 29 cents per share in the quarter. Analysts, on average, expected earnings of 28 cents a share, according to Refinitiv.

(Reporting by Nick Carey and Ben Klayman; Editing by Nick Zieminski)

Comments