Ford posts quarterly loss amid struggles in Europe, China
Poor performance in Europe and China, along with an accounting charge related to global pension assets contributes to the fall in U.S. sales
DEARBORN, Mich. – Ford Motor Co. has reported its first quarterly loss in two years due to a pension accounting charge and poor performances in Europe and China.
The Dearborn, Michigan, company on Wednesday said it lost $116 million, or 3 cents a share, in the fourth quarter compared with a $2.52 billion profit in the same period a year earlier.
The loss included an $877 million charge to revalue pension assets due a late-year market slide.
Excluding one-time items, the company posted a profit of 30 cents per share. That fell just short of analyst estimates of a profit of 31 cents.
The company still made $3.68 billion for the full year. That means U.S. unionized workers will get profit-sharing checks of $7,600 in March.