Ford Says Profits Will Improve In 2018, Declares Special Dividend

Ford Motor Co. shares gained slightly in late trading Tuesday after the carmaker announced a special dividend and gave updates on its forecasts. Ahead of a presentation at the Deutsche Bank Global Auto Industry Conference, Ford revealed that it will pay a special dividend of 5 cents a share in the first quarter, along with its regular dividend of 15 cents a share, which is the same as last year's regular payment. Ford maintained guidance for "somewhat lower" pre-tax profit in 2017 than 2016, due to investments in technology, but said it expected profitability to improve in 2018. Ford said it still expects $10.2 billion in pre-tax profit for 2016, with an adjusted effective tax rate in the low 30% range. Ford stock, which closed with a 1.7% gain at $12.85, rose to $12.93 in late trading.