Third-quarter financial numbers are in and Ford’s figures have shrunk.
The Dearborn, Michigan-based automaker’s pre-tax operating profit measured $1.18 billion, down 54 percent compared to last year. Lower sales and higher warranty costs ate into the company’s financial performance.
Ford’s net income also dropped, 34 percent in this instance. It clocked in at $835 million. A $160 million charge for restructuring efforts in Europe hurt profitability, as did another $498 million pre-tax charge earlier in the financial quarter.
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Ford made money in North America and the Asia/Pacific region, but they lost out in markets like Europe, the Middle East and Africa as well as South America.
Investment in new and refreshed products also took a bite out of the company’s finances as did a five-week shutdown at their Dearborn Truck Plant as they scramble to get production of the all-new 2015 F-150 rolling.
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[Source: Automotive News]
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