Ford Sees Up to $2B Profit Hit on Key Supplier Fire

Описание: Ford Motor Co. expects a profit hit of as much as $2 billion after a devastating fire at a key supplier of aluminum for its top-selling F-150 pickup truck, overshadowing financial results that exceeded expectations.
The automaker now expects full-year adjusted earnings before interest and taxes of $6 billion to $6.5 billion, down from as much as $7.5 billion under its previous guidance, the company said as it announced third-quarter earnings Thursday. The low end of that new range represents a 41% drop from the $10.2 billion Ford earned by that measure last year.
The announcement is Ford’s first detailed accounting of the damage it expects from a Sept. 16 fire at Novelis Inc.’s aluminum factory in Oswego, New York, that has disrupted a critical supplier to some of its most important vehicles. The Novelis plant is Ford’s top provider of aluminum for its highly profitable F-Series pickups and large sport-utility vehicles, the Expedition and Lincoln Navigator. The automaker has already reduced production of some of those models.
The impact will reduce Ford’s production by about 100,000 vehicles this year, though the company expects to largely recover that shortfall next year, Ford Chief Executive Officer Jim Farley said.
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