Ford Motor Co on Wednesday cut its forecast for operating profit for the year af...
But by Ford’s own reckoning, most of the restructuring work has yet to be done. It has booked only $3.3 billion of the projected $11 billion in charges it previously said it would take for the global restructuring, up from $2.2 billion at the end of the second quarter.
“We took on too much,” said Hinrichs, citing the difficulty of launching the Explorer and Aviator simultaneously while it was breaking in a new assembly line at the 95-year-old Chicago plant. “We have plenty of inventory now at dealers,” he added. The No. 2 U.S. automaker still faces the prospect of negotiating a new four-year labor agreement with the United Auto Workers following the union’s more than month-long strike against General Motors Co , which cost GM about $2 billion according to analysts.
Ford said Wednesday it now expects a full-year adjusted operating profit in the range of $6.5 billion to $7 billion, compared with $7 billion last year. In July, it had forecast an increase in the range of $7 billion to $7.5 billion.
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