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Ford Sees $1.7 Billion Hit to Fourth-Quarter Results (Reuters)

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The article below is sourced from Reuters Wire Service. The views and opinions expressed in this story are those of the Reuters Wire Service and do not necessarily reflect the official policy or position of NADA.

 

Ford Motor said on Wednesday it expects to record a pre-tax remeasurement loss of about $1.7 billion, related to its employees pension and other post-retirement benefits, in its fourth-quarter results.

On an after-tax basis, Ford says the loss will lower its net income by around $1.3 billion.

The Detroit automaker said the loss was driven by lower discount rates from a year ago.

A remeasurement loss relates to losses arising from a company re-evaluating the value of long-term assets or foreign currency.

Ford's announcement comes a week ahead of Detroit rival General Motors' fourth-quarter results and two weeks before its own.

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