Ford lowers 2018 adjusted EPS outlook $1.30-$1.50 from $1.45-$1.70
Ford said, "Outside of North America, it was a particularly challenging quarter for Asia Pacific and Europe. And due to those regions Ford is now lowering the range for full year 2018 adjusted earnings per share guidance, now guiding to an adjusted EPS of $1.30 - $1.50. In Asia Pacific, the company is focused on China and taking urgent action to address underperformance. This includes improving cost competitiveness with aggressive fitness actions, localizing more product in China, as well as recruiting more local talent to key management positions. New products will also soon be entering the market, with 60 percent of the line-up being refreshed or new by the end of 2019. In Europe, Ford is aggressively attacking costs, driving improved capital efficiencies across the business, while allocating capital to the segments and products that can generate appropriate returns. Ford remains the light commercial vehicle leader in the region and Ranger remains the number one selling pickup. The company's future capital allocation plans will build on these strengths."