Search the Community

More winning which should piss of the resident libs and transgender folk. Ford Puts $200 Million Price Tag on Mexico Closure Trump Cheered by Keith Naughton January 26, 2017, 7:00 AM EST January 26, 2017, 10:14 AM EST Quarterly earnings per share matches analysts’ estimates Carmaker took $200 million charge on canceled Mexico plant Ford CEO: Trump Is Good for Business, Economy Ford Motor Co. took a $200 million charge to abandon a factory in Mexico, putting a price tag on its new-found friendship with President Donald Trump. The cancellation contributed to a quarterly net loss for the company, its first since 2009. Excluding charges related to the Mexico plant and a pension plan loss, Ford reported profit of 30 cents a share, matching analysts’ estimates. Exclusive insights on technology around the world. Get Fully Charged, from Bloomberg Technology. Sign Up Ford’s financial well-being will be linked the next four years to the whims of a White House taking special interest in where cars are built and how fuel efficient they’ll have to be. Chief Executive Officer Mark Fields met twice this week with Trump, who’s praised the company for abandoning the $1.6 billion small-car factory in Mexico and adding 700 U.S. jobs instead. Rather than open a new U.S. plant, as the president has urged, the company plans to reduce production in the near term as demand growth slows industrywide. “The president is going to be very good for business and the economy,” Fields said in an interview with Bloomberg Television on Thursday. Still, the U.S. market has “plateaued,” he said. “We don’t have any plans to build any new plants, but clearly we want to continue to grow our business.” Ford reiterated guidance that earnings will drop this year as it begins to invest about $4.5 billion toward electrification and spends on self-driving vehicles. The shares dropped 2.6 percent $12.46 as of 10:12 a.m. in New York trading. The company reported a net loss of about $800 million last quarter, compared with income of $1.9 billion a year earlier. Excluding the pension-related charge, profit fell 18 percent to $2.13 billion. https://www.bloomberg.com/news/articles/2017-01-26/ford-profit-falls-ahead-of-automaker-s-pivot-to-appease-trump