Ford Motor Co.’s 2020 got off to the roughest of starts, with the automaker forecasting profit well below analysts’ estimates in a sign that Chief Executive Officer Jim Hackett’s $11-billion turnaround plan may take longer to pay off.
its money-losing overseas operations. The cost of launching new models like the Explorer and rising warranty costs took a steep toll in the fourth quarter, with Ford’s North American profit margin before earnings and taxes falling by almost two-thirds to 2.8%.
“Market expectations on Ford are quite low,” said David Whiston, a Morningstar automotive analyst who rates its shares the equivalent of a buy, before the release. “They’ve got to get past the new model launch costs that could be an overhang for most of 2020. It would be a shame if we have to wait another year to really see the North American rocket take off.”
Ford’s full-year forecast assumes no change in economic conditions, and the automaker said it’s too soon to estimate the impact of the coronavirus outbreak that started in China and has now hurt production and access to the world’s biggest auto market. Fourth-quarter adjusted earnings dropped to 12 cents a share, trailing the average estimate of 17 cents. Automotive revenue was $36.7 billion, about $100 million more than the projection. Since issuing a
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