News

Actions

Ford Motor Company's third-quarter profit falls on recall, truck launch

CORP-Digital-Default-Image-1280x720-WXYZ.png
Posted at 7:24 AM, Oct 27, 2016
and last updated 2016-10-27 07:24:45-04

DEARBORN, Mich. (AP) -- Ford Motor Company's net income fell 56 percent to $957 million in the third quarter as the company struggled with massive recall and the launch of its new Super Duty pickup.

The earnings, of 24 cents per share, compared to earnings of 55 cents per share in the July-September period a year ago.

Ford's adjusted earnings of 26 cents beat Wall Street's forecast of 20 cents per share, according to analysts polled by FactSet.

Revenue fell 6 percent to %35.9 billion. Ford's sales fell 4 percent to 1.5 million vehicles worldwide.

Ford lowered its full-year profit forecast in September after announcing it would spend $640 million to replace faulty door latches on 2.4 million vehicles.

The company expects a full-year pretax profit of $10.2 billion.