Ford declares new $1 billion dividend, expects to earn at least $10 billion in 2016
By David Shepardson
(Reuters) - Ford Motor Co (F.N: Quote) said on Tuesday it was declaring a $1 billion supplemental cash dividend and that it expected to have operating profit of at least $10 billion in 2016, roughly the same as its earnings in 2015.
Ford shares were down about 3 percent from Tuesday's close to $12.45 in post-market trading.
The Dearborn, Michigan, automaker said it expected record 2015 pre-tax profit, excluding special items, "in the upper half of Ford's guidance of $10 billion to $11 billion." Profits this year will be at least as high "excluding special items."
The $1 billion supplemental cash dividend – or $0.25 per share – is in addition to the first quarter regular dividend of $0.15 per share, the same as in the first quarter of 2015.
The $1 billion supplemental cash dividend "reflects the company's strong financial performance in 2015 and robust cash and liquidity levels."
"As we close out 2015, we are benefiting from six consecutive years of consistently strong results, and our performance is allowing us to reward our shareholders," said Mark Fields, Ford president and CEO.
Ford said it expected North America to sustain its strong performance in 2016 with an operating margin of 9.5 percent or higher.
The company expects its Europe, Middle East & Africa, and Asia Pacific operations to all be profitable in 2016. Continued...