Ford says lost truck production will hit second quarter earnings
Ford says lost truck production will hit second quarter earnings. Ford Motor's quarterly earnings will be affected by shutdowns at three U.S. truck plants caused by a fire at a key parts supplier, the U.S. automaker said on Wednesday while affirming its full-year earnings estimate.
Hinrichs, President of Ford global operations, and purchasing director Hau Thai Tang said Ford was working with the supplier, Chinese-owned Meridian Magnesium Products, to shift production of the affected parts to other suppliers until the fire-damaged plant in Eaton Rapids, Michigan, can be repaired and production resumed. Read more here.
The May 2 fire, whose cause is being investigated by local authorities, triggered smaller production disruptions to other vehicle manufacturers, including General Motors Co, Fiat Chrysler Automobiles, Daimler AG and BMW AG, the companies said on Wednesday.
But the most significant impact was felt by Ford, whose F-150 full-size pickup is the best-selling vehicle in the United States. The vehicle generated $41 billion in revenue last year, about 28 percent of total sales and the lion’s share of its profits.
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