Ford’s president will be leaving the company in an executive shake-up following the company’s disappointing Q4 results.
lost $1.67 billion during the fourth quarter and missed Wall Street earnings expectations on increased pension contributions and higher North American warranty and labor costs.
The company made $6.4 billion in 2019, slightly below a revised forecast for the year following a botched launch of its redesigned Ford Explorer SUV. Ford expects adjusted free cash flow of between $2.4 billion and $3.4 billion in 2020.in the fourth quarter due to contributions to its employee pension plans and retirement benefits.
"This product ... lives in great respect for the Ford legacy, but as it respects it, it's not in reverence, it's not in such reverence that it can't change. This vehicle is an iconic example of what we've been working on."Ford CFO Tim Stone on Tuesday said last year's earnings were "below our expectation," but touted the company's "ambitious" cost-cutting measures and ongoing improvements to products.
The company said it spent $3.2 billion on its restructuring in 2019, including $900 million in cash. Ford expects to spend an additional $900 million to $1.4 billion for the restructuring, including between $800 million and $1.3 billion in cash, in 2020.In China, Ford lost $771 million last year, including $207 million in the fourth quarter. Stone declined to disclose when the company expects those operations, including localized production, to be profitable.
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