DEARBORN, Mich. — Ford Motor Co.'s net income fell 9 percent to $2.0 billion in the second quarter as the company struggled with flattening U.S. sales and a tougher market in China.
Ford said its full-year guidance — which calls for a pretax profit of $10 billion to $11 billion — remains intact, and the company noted that its first-half operating profit of $6.8 billion is the company's best ever.
But Ford acknowledged that its guidance is at risk. Among the looming issues in the second half of the year is the expensive launch of Ford's new aluminum-sided Super Duty pickup and an expected $145 million hit to sales in Britain because of its vote to leave the European Union.
The automaker's shares fell $1.11, or 8 percent, to $12.73 in morning trading Thursday. Rival General Motors shares slipped, giving up $1.02, or 3.2 percent, to $31.
Europe — long a drag on profits — was a bright spot, with sales up 11 percent. Pretax profits in Europe almost tripled to $467 million. Stronger sales in Russia were one contributing factor, Ford's Chief Financial Officer Bob Shanks said.
Read Friday's Arkansas Democrat-Gazette for full details.