Ford's (F) Booth Says 'European Overcapacity is Well Understood'
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Ford Motor Co.’s (NYSE: F) current chief financial officer, Lewis Booth, stated the company may be looking at $500 to $600 million in losses in Europe over 2012.
Back in January, Booth noted the company was anticipating industry-wide vehicle sales in Europe between 14 and 15 million. The company stated Wednesday European operations and sales may cost the company over $190 million for the first quarter alone. Ford did reaffirm its pretax company-wide 2012 operating profit forecast $8.8 billion, what would be flat on a year-over-year basis.
The company is implementing new methods to focus on European costs. Booth also said new design models should help cut the loss and drive in new sales.
“The European overcapacity is well understood,” Booth said. “We just have to be patient and do what we’re doing, continue to deliver good, strong results.”
Back in January, Booth noted the company was anticipating industry-wide vehicle sales in Europe between 14 and 15 million. The company stated Wednesday European operations and sales may cost the company over $190 million for the first quarter alone. Ford did reaffirm its pretax company-wide 2012 operating profit forecast $8.8 billion, what would be flat on a year-over-year basis.
The company is implementing new methods to focus on European costs. Booth also said new design models should help cut the loss and drive in new sales.
“The European overcapacity is well understood,” Booth said. “We just have to be patient and do what we’re doing, continue to deliver good, strong results.”
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