The Dearborn, Michigan-based Ford Motor Company (NYSE:F) will close 3 European facilities and lower 5,700 jobs to stop losses that the company anticipates will total over $3 billion over 2 years. Its first factory shut down by carmaker in this region in a decade.
Ford reported in a statement on Thursday that the shutdown of 2 United Kingdom plants and a facilities in Belgium will end output capacity for 355,000 vehicles or 18% of the company’s total in the area.
The auto maker reported that the action will yield gross annual savings of $450 million to $500 million annually. Ford moved up after mentioning its Q3 earnings will be superior to the second.
Chief Financial Officer Bob Shanks reported on a conference call that the company is estimating losses wider than $1.5 billion each current year and next in Europe.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Honda Motor Co Ltd (ADR) (NYSE:HMC) rose +1.95% to settle at $32.43, Toyota Motor Corporation (ADR) (NYSE:TM) moved up +1.40% to end at $78.45 while General Motors Company (NYSE:GM) dropped -0.25% to finish at $23.63 on Thursday.
Ford Motor Company (NYSE:F) last session’s volume of 59.30 million shares was surprisingly higher than its average volume of 38.38 million shares. The stock after opening at $10.42 hit high price of $10.49 and then closed at $10.39 by scoring +2.16%.
The liquidity measure in recent quarter results of the company was the debt to equity ratio was 5.86 and long-term debt to equity ratio remained at 5.86. The Company had total cash of $23.79 billion at hand and a book value per share as $4.47 in the most recent quarter.
The stock’s price volatility was 2.26 % for a week and 1.99% for a month as well as price volatility’s Average True Range for 14 days was 0.22 and its beta remained at 2.32.
Ford Motor Company generated revenue of $133.28 billion in the previous twelve months and earned $17.70 billion. The Company showed a positive 13.28% in the net profit margin as well as in its operating margin which remained at 4.61%. Company’s annual sales growth for the past five years was -3.17%.
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