Ford Profits Sink 37% on Weak China, Europe Sales
Auto maker reported third-quarter net profit of $1 billion, citing tariffs and weaker overseas results for decline
Ford Motor Co.’s third-quarter net income fell 37% amid sharply lower results in China and Europe, trouble spots that are complicating Chief Executive Jim Hackett’s turnaround plans.
The weaker results led Ford to back away from a target set this spring of achieving an operating margin of 8% by 2020, but the company reconfirmed its full-year profit outlook this year of $1.30 to $1.50 per share.
The...