The American manufacturer Ford published results for the first quarter better than expected on Monday, but suspended its annual forecasts due to American customs’ tasks imposed on the automotive industry.
The latter should weigh up to 1.5 billion net dollars for its proforma operating benefit in 2025, he said in a statement. In 2024, he had reached $ 10.2 billion.
“To date, our teams have done a lot to minimize the impact of customs tasks,” said Sherry House, financial director, adding that the net impact on the first quarter was 200 million.
For example, he explained that 35% of vehicles that crossed the United States to go from Mexico to Canada now use an alternative device that allows us to escape US taxes.
FOCOS
The Trump administration was installed in early 25% of April of customs surcharges in imports of new vehicles in early April and, since May 3, in spare parts. Reliefs are planned, particularly for certain productions carried out in Mexico and Canada with which the United States has a free trade agreement (Aceum).
According to Ford, about 80% of the spare parts used in their 24 American factories are part of this agreement. “We examine the opportunities for which it would be supposed to develop a supply chain” in the United States for the rest, said Kumar Galhotra, director of operations, during an audioconference with analysts.
During the presentation of the annual results at the beginning of February, Ford provided for operational profits between $ 7 and 8.5 billion and a cash flow of 4.5 billion.
He said Monday on this trajectory, ignoring the impact of customs tasks, half of which follows new vehicles and the other from spare parts.
Steel taxes
This impact also includes the possible price increase caused by customs surcharges in steel and aluminum prices, even if Ford obtains 85% in the United States for steel and completely for aluminum, said Mrs. House, analysts.
“Due to uncertainties linked to customs tasks, the company suspends its financial forecasts,” he said.
For its first quarter, the Dearborn Group (Michigan) expected in February an “almost balanced due to sales to lower dealers and a mix of unfavorable products.
Between January and March, Ford has obtained a turnover of $ 40.66 billion (-5% for a year) and a net gain of $ 471 million (-65%). The consensus of FACTSET analysts anticipated 38.02 billion and a loss of 90 million respectively.
Source: BFM TV
