Ford cuts 2024 earnings guidance due to warranty costs and slow pace of cost cutting ...Middle East

AP Auto Writer DETROIT (AP) — Stubbornly high warranty expenses and lagging cost-cutting efforts are holding back Ford Motor Co.’s profits this year, causing the company to lower its full-year earnings guidance. That pushed the company’s stock price down 6% in trading after Monday’s closing bell. The Dearborn, Michigan, automaker, which reported third-quarter earnings Monday, said its net profit tumbled nearly 26% as it took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV. Ford said it made $892 million from July through September, compared with $1.2 billion it made a year earlier. But excluding the one-time items, the company made an ad

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Last updated : 29 October 2024 clock 03:37 AM

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Ford cuts 2024 earnings guidance due to warranty costs and slow pace of cost cutting ...Middle East

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