Ford’s 3Q profit falls on recall, truck launch

Posted at 11:28 AM, Oct 27, 2016
and last updated 2016-10-27 11:28:03-04

DEARBORN, Mich. (AP) — Ford Motor Co.’s net income fell 56 percent to $957 million in the third quarter as the company struggled with a 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.