April 27, 2017
By Nick Carey
DETROIT (Reuters) – Ford Motor Co reported a lower quarterly net profit on Thursday that beat analyst expectations amid higher commodity, engineering and recall costs and a drop in vehicle sales, and the company reiterated its pretax profit forecast for 2017.
The No. 2 U.S. automaker had warned investors in late March that higher expenditure and lower sales volumes would have an impact on its quarterly earnings.
Chief Financial Officer Bob Shanks told reporters at the company’s headquarters in Dearborn, Michigan, that Ford’s higher costs for 2017 were incurred largely in the first three months, its “toughest quarter” for the year.CONTINUE READING HERE