Ford affirms 2017 to be less profitable than 2016

Markets Reuters

(Copyright Reuters 2017)

Ford Motor Co on Tuesday confirmed that it would be less profitable in 2017 than last year, even as cross town rival General Motors Co on the same day gave a much more upbeat forecast that surpassed Wall Street expectations.

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Ford affirmed that it was on track to deliver about $10.2 billion in adjusted pretax profit in 2017, matching a forecast it gave three months ago.

Ford shares rose 0.5 percent in extended trading after closing at $12.85.

(Reporting by Bernie Woodall)