DETROIT, United States (AFP) — Ford on Tuesday projected 2017 earnings below the level expected by analysts and said results this year would be even lower.
The second-biggest US car company forecast adjusted earnings per share of $1.78, five cents below analyst expectations, according to data released ahead of a presentation by Ford chief financial officer Bob Shanks at the Deutsche Bank auto conference Tuesday night.
Ford blamed “external headwinds” including high commodity costs and unfavorable exchange rates for the weaker 2018 forecast, which sees adjusted earnings falling to $1.45 to $1.70 per share.
Ford otherwise offered a mixed forecast for the global auto market, with US sales down somewhat, but global auto sales rising to 97 million from 94.6 million in 2017. Growth areas include Brazil and China, according to Shanks.
Ford’s share price fell 1.9 percent in after-hours trading to $12.85.
© Agence France-Presse