Ford Motor on Wednesday posted a smaller operating fourth-quarter profit as losses in each global region except North America weighed on results.
The second largest U.S. automaker, which has declared an alliance with Volkswagen AG, is restructuring operations worldwide. It is making cuts in Europe, looking to restructure its South American operations and turn around China – all unprofitable areas.
“It was not a year we were happy with and the fourth quarter continued that theme,” stated Chief Financial Officer Bob Shanks to the reporters at the company’s headquarters outside Detroit. He considered the potential this year for disruptions including strikes in regions where it is restructuring.
In 2018, Ford took a $3.3 billion combined hit from higher tariffs and commodity expenses, unfavorable foreign exchange and recalls associated with former airbag maker Takata.