福特汽车公司预计明年利润将趋于平稳，因为通胀有可能侵蚀其皮卡和运动型多用途车（SUV）业务带来的收益。首席执行官吉姆·法利周三在公司第三季度财报电话会议上表示，2027年息税前调整后收益将大致与今年预期的高达110亿美元持平。由伊朗战争引发的通胀推高了物流、原材料和芯片的成本，公司预计这将在明年构成20亿美元的逆风。法利表示，福特计划部分通过从业务中进一步压缩成本来抵消这些开支。
“我们预计在相当长一段时间内不会看到大宗商品通胀缓解，”首席财务官谢里·豪斯在接受彭博电视采访时表示。
Ford Motor Co. expects profits to plateau next year as inflation threatens to erode gains from its pickup and sport utility vehicle business. Adjusted earnings before interest and taxes in 2027 will be roughly in line with this year’s expectation for as much as $11 billion, Chief Executive Officer Jim Farley said Wednesday on the company’s third-quarter earnings call. Inflation stoked by the war in Iran has pushed up the cost of logistics, raw materials and chips, which the company sees as a $2 billion headwind next year. Ford plans to offset those expenses in part by wringing more costs out of the business, Farley said.“We’re not expecting relief any time soon” from commodity inflation, Chief Financial Officer Sherry House said in a Bloomberg TV interview.
不断上升的成本有可能减弱高利润率皮卡和SUV销售的光彩，这些车型一直是今年盈利增长的动力。对这些车型的需求帮助福特报告的第三季度利润超过了华尔街预期。福特还上调了全年利润预期的下限。
Rising costs risk taking some of the shine off sales of high-margin pickups and SUVs that have propelled earnings this year. Demand for those models helped Ford report a third-quarter profit that topped Wall Street estimates. Ford also raised the low end of its full-year profit forecast.
法利表示，福特正在进行结构性变革，以通过质量改进控制成本，并从储能电池、软件和服务中挖掘新的增长来源，从而维持这一势头。他表示，这些举措将帮助福特实现到2029年达到8%调整后息税前利润率的目标，而今年前九个月该比率为6.1%。
Farley said Ford is making structural changes to sustain that momentum by controlling costs through quality improvements and tapping new sources of growth from energy storage batteries, software and services. Those initiatives will help Ford achieve its goal of an 8% adjusted EBIT margin by 2029, Farley said, compared with 6.1% through the first nine months of this year.
福特股价在盘后交易中下跌1.5%。截至周三收盘，该股今年以来已下跌8.9%，而标普500指数同期上涨13%。
Ford’s shares fell 1.5% in after-hours trading. The stock had declined 8.9% this year through Wednesday’s close while the S&P 500 Index gained 13%.The war in Iran has pushed up the price of fuel and key auto industry commodities such as metals and chips and the cost to ship those goods.
伊朗战争推高了燃料价格以及金属、芯片等汽车行业关键大宗商品的价格，并增加了运输这些商品的成本。通用汽车公司……上周表示，通胀恶化将使今年额外增加约4亿美元开支，理由是铜价创纪录高位，关键钢材产品处于四年高位。福特表示，大宗商品通胀将在2026年形成近25亿美元的逆风，高于此前预测的略高于20亿美元。公司将其销售汽油动力车辆给零售客户的部门盈利下降归因于持续的冲突。
“目前由于战争，存在如此多的大宗商品问题，而且看起来不会好转，”晨星公司分析师大卫·惠斯顿在福特发布业绩前的采访中表示。
General Motors Co. last week said that worsening inflation will add about $400 million in additional expenses this year, citing record copper prices and key steel products at a four-year high. Ford said commodity inflation will be a nearly $2.5 billion headwind in 2026, up from its previous forecast for just above $2 billion. It cited the ongoing conflict for lower earnings at its division that sells gasoline-powered vehicles to retail customers.“There’s just so many commodity issues right now because of the war and it’s not looking like it’s going to get better,” David Whiston, an analyst with Morningstar Inc., said in an interview before Ford’s results were released.
福特Blue（该车企包含内燃机车辆和油电混合动力车型的传统业务）在最近一个季度息税前盈利约14亿美元，较上年同期下降10%。福特将此归因于因停产车型（如Escape紧凑型SUV）导致的销量下降以及战争的影响。豪斯表示，伊朗战争导致车辆运输延误，并因柴油价格飙升推高了航运成本。
Ford Blue, the automaker’s traditional business that includes internal-combustion engine vehicles and gas-electric hybrids, earned about $1.4 billion before interest and taxes in the most recent quarter, down 10% from the prior year. Ford cited lower sales tied to discontinued models such as the Escape compact SUV and the impact from the war. The war in Iran is causing delays in vehicle transport and pushing up shipping costs because of the spike in diesel prices, House said.
福特Pro（其利润最高的部门）盈利下降16%，原因同样是大宗商品成本上升，以及为在安大略省奥克维尔工厂开始生产Super Duty皮卡做准备。法利表示，福特的商用车部门将在全球范围内扩充Transit客货两用车和Ranger皮卡的产品阵容，以在东南亚和南美等中国竞争激烈的市场捍卫市场份额。
Ford Pro, its most profitable division, saw earnings decline 16% due to higher commodity costs as well and preparations to begin building Super Duty pickups at its plant in Oakville, Ontario. Ford’s work-vehicle unit will expand its global lineup of Transit vans and Ranger pickups to defend market share in places like Southeast Asia and South America, where Chinese competition is fierce, Farley said.
Explorer和Expedition等SUV车型的强劲需求帮助这家总部位于迪尔伯恩的车企抵消了F系列皮卡销量近10%的下降。由于去年Novelis公司发生火灾，卡车供应一直受到限制。
Strong demand for SUVs such as the Explorer and Expedition has helped the Dearborn-based automaker offset a nearly 10% decline in F-Series pickup sales. Availability of the trucks have been held in check after fires last year at the Novelis Inc. plant that supplies the aluminum used to make the truck’s body panels.
为该卡车车身面板提供铝材的工厂。法利在9月表示，在因另一供应商问题短暂中断后，第四季度F-150的产量已回到正轨。
Farley in September said fourth-quarter F-150 output was on track after a brief interruption due to a different supplier issue.
法利还在寻求新的增长来源，包括在新能源储存业务上投入20亿美元，该业务可能需要数年才能产生回报。这位首席执行官预计，该部门2028年的产能将在明年第一季度前全部被预订。
Farley is also pursuing new sources of growth, including a $2 billion bet on a new energy storage business that could take years to generate returns. The CEO expects that unit’s 2028 capacity to be fully spoken for by next year’s first quarter.
这一转变是福特电动汽车战略更广泛调整的一部分，此前该公司宣布对表现不佳的电动汽车资产计提195亿美元减值。随着停产F-150 Lightning插电式皮卡，该车企第三季度电动汽车销量暴跌80%。公司目前专注于更便宜的车型，首款是一款售价3万美元的电动皮卡，计划明年开始生产。
The shift is part of a broader pivot in Ford’s EV strategy after the company announced $19.5 billion in charges on underperforming EV assets last year. The automaker’s EV sales plunged 80% in the third quarter as it discontinued its F-150 Lightning plug-in pickup. The company is now focused on less-expensive models, starting with a $30,000 electric pickup slated to begin production next year.
福特高管表示乐观，认为他们将为这款新车型找到需求，并指出电动汽车价格上涨以及市场缺乏平价选择。福特Model e电动汽车部门将第三季度亏损收窄至11亿美元，低于上年同期的14亿美元赤字。
Ford executives expressed optimism that they will find demand for the new model, pointing to rising EV prices and a lack of affordable options on the market. Ford Model e, the EV unit, narrowed its third-quarter loss to $1.1 billion from a $1.4 billion deficit the prior year.
豪斯警告称，在寻求2029年实现盈亏平衡的过程中，减少电动汽车亏损的进展将“并非线性的”。她表示，随着Fathom皮卡的推出，明年开支将增加，随后在2028年将出现重大利润改善，届时新皮卡和福特固定储能业务的产量将增长。
House cautioned that progress on EV losses will “not be linear” as it seeks to break even in 2029. Expenses will rise next year with the launch of the Fathom pickup before a major profit improvement in 2028, she said, as production of the new pickup and Ford’s stationary storage business grows.
法利曾表示，最终将有几款平价电动汽车基于其通用电动汽车平台打造，这些车型将在肯塔基州的一家独立工厂生产。这些车型对于福特最终能够与中国车企竞争至关重要，后者凭借廉价、高科技的电动汽车在全球范围内不断取得进展。目前，中国车企因强大的贸易壁垒而被挡在美洲市场之外。
Farley has said several affordable EVs will eventually be built on its universal electric vehicle platform, which are to be produced at a separate factory in Kentucky. Those models will be critical to Ford’s ability to eventually compete with Chinese automakers that are gaining ground worldwide with cheap, high-tech EVs. For now, China’s automakers are currently blocked from the US market by formidable trade barriers.