Restructuring costs hit Ford earnings

New York: Ford reported a steep decline in second-quarter profits due to large restructuring costs and a disappointing earnings forecast for the year, sending shares sharply lower. The US automaker reported profits of $148 million, an 86 per cent drop from the year-ago period. Revenues fell 0.2 per cent to $38.9 billion. The drop reflects $1.2 billion in one-time costs connected to restructuring in Europe and Latin America that have resulted in thousands of jobs losses and plant closures. — AFP